North Country Estates, Inc.
5427 Shady Ave., Lowville,  NY  13367    
Phone: (315) 376-7131                                  E-mail:
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Financial Calculators

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Mortgage Qualification Calculator

Go to InstructionsHelp

Mortgage Information

Go to Form Mortgage Amount
Balance to be financed after down payment.
Go to Form Life of Mortgage in years
Number of years over which mortgage payments are scheduled.
Go to Form Mortgage Interest Rate (%)

Mortgage Interest Rate Percentage.

Go to Form Yearly Property Taxes
(.013 X Assessed Value) or (.013 X Sale Price)
Based upon tax assessment of $13 per $1,000
Go to Form Other Debt
Other Yearly DEBT (Auto, Charge Cards, Bank Loan ...)
(Total of Monthly Payments X 12)

DO NOT include:
utilities, insurance premiums or average expense for food, clothing, etc.


Calculation Results (Calculated for you)

Go to Form Monthly payment. $
Go to Form Total monthly expenses with mortgage. $
Go to Form Annual income required. $


Calculator Instructions

This estimator will calculate the household income required to qualify for a mortgage under a specific set of circumstances. You provide the amount financed, the number of years to finance, the interest rate, property taxes, and your current debt load, and the estimator will return the monthly mortgage payment, your total monthly debt payments, and the annual household income that most lenders would require to approve the mortgage loan.

The calculations in this estimator are based on current requirements for a fixed rate conventional loan with a 5% down payment.

Mortgage Ratio : monthly household income must be greater than 28% of the sum of the monthly mortgage payments and monthly tax payments.

Debt Ratio : monthly household income must be greater than 36% of the sum of the mortgage, tax and other debt payments.

This estimator is believed to be accurate but is only intended to generate approximate results. Rates vary or may change and exceptions are made by lenders in specific instances.

Enter numbers only. Do not enter "$", "," or "%" characters. (Example: For a $100,000 home, enter 100000)

Go to Form Return to the calculator

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