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How much income do I need to qualify for a mortgage?
How much do you expect to spend on a home?
(required)
How much of a down payment can you afford?
(required)
Down payment percentage
A lender will typically require a borrower to pay for
private mortgage insurance
if the down payment is less than 20% on a conventional loan.
What’s your desired mortgage amount?
Loan term
10 years
15 years
20 years
25 years
30 years
Interest rate (%)
(required)
Not sure? Check out the latest
mortgage rates
.
Do you know your total monthly recurring debt payments?
Yes
No. Help me!
Total recurring monthly debt payments
Include your minimum credit card payments and payments on student loans, car loans, etc. (Exclude housing and living expenses).
Car loan or lease payment(s)
Student loan payment(s)
Minimum credit card payment(s)
Personal loan, child support and other regular payments
Monthly private mortgage insurance
The calculator assumes an annual PMI rate of 0.58% of the original loan amount. Use NerdWallet's
PMI calculator
to get an estimate based on your credit score.
Monthly property tax cost
The calculator assumes an annual tax rate of 1.1% of the home’s value. Your tax rate may be different.
Monthly homeowners insurance cost
The calculator assumes that home insurance will cost 0.5% of the home's value per year. Learn about
home insurance costs
in your area.
Monthly homeowners association fee
Learn more about the fees charged by
homeowners associations.
To buy this home, NerdWallet recommends that you have a monthly pretax income of at least:
Most lenders require that you'll spend less than 28% of your pretax income on housing and 36% on total debt payments. If you spend 25% of your income on housing and 40% on total debt payments, they'll consider the higher number and the amount you can qualify for will be lower as a result.
That's an annual income of:
A lender might still qualify you if you have a monthly pretax income of at least:
Some lenders — including FHA lenders — will qualify you for a mortgage if you'll spend up to 31% of your pretax income on housing and up to 43% on total debt payments.
That's an annual income of:
MORE:
Understand debt-to-income ratio for a mortgage
Your estimated other monthly home-related expenses are:
Term in months
Monthly interest rate
Monthly mortgage payment
Total monthly debt payments (mortgage, debts, housing)
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