#!/usr/local/bin/perl print "Content-type: text/html\n\n"; print ' '; print "Mortgage Qualifying Incomes\n"; print "\n"; $arglist = $ENV{'QUERY_STRING'}; @r = split("&","$arglist"); if ($#r < 2) { $paymt = $arglist; sprintf($spy,"%7.2f",$paymt); print <Income Requirement Calculator

Enter the values below. The calculator will try to calculate what kind of income lenders will expect you to be making to qualify for the specific values. Property tax and home insurance numbers vary greatly by region and construction type.

Monthly mortgage principal/interest
Enter expected annual property tax:
Enter expected annual home insurance:
Enter expected monthly debt payments
(car/student loan, credit cards, etc)
Sale Price of Home
Down Payment

FormHead } else { print "

Income Requirement Calculator

"; print ""; for ($i=0; $i<=$#r; $i++) { $av = @r[$i]; $av =~ s/%([\da-f]{1,2})/pack(C,hex($1))/eig; $av =~ s/[ ,+]//g; if ($av =~ /^pi=/) { $pi = substr($av,3); } if ($av =~ /^pt=/) { $pt = substr($av,3); } if ($av =~ /^hi=/) { $hi = substr($av,3); } if ($av =~ /^mi=/) { $mi = substr($av,3); } if ($av =~ /^hv=/) { $hv = substr($av,3); } if ($av =~ /^dp=/) { $dp = substr($av,3); } } $tpy = $pi + $mi + ($pt + $hi) / 12; $lpy = $pi + ($pt + $hi) / 12; printf("", $lpy); printf("", $tpy); if ($dp == 0) { if ($hv > 0) { $dp == $hv * .2; } else { $dp = 20000; } } else { if ($hv == 0) { $hv = $dp * 5; } } if ($hv == 0) { $hv = 100000; } if ($dp/$hv < .20 && $hv > 0) { # Impose PMI $pmi_r = .32; # Upto 20%? if ($dp/$hv <= .15) { $pmi_r = .52; } if ($dp/$hv <= .10) { $pmi_r = .78; } if ($dp/$hv <= .05) { $pmi_r = .90; } #if ($dp/$hv <= .15) { $pmi_r = .32; } #if ($dp/$hv <= .10) { $pmi_r = .52; } #if ($dp/$hv <= .05) { $pmi_r = .78; } #if ($dp/$hv <= .03) { $pmi_r = .90; } if ($dp/$hv >= 0.03) { $pmi = ($hv-$dp) * $pmi_r/1200; printf("", $pmi_r, $hv - $dp, $dp/$hv*100, $pmi); } else { printf("\n"; } } else { $pmi = 0; } $i28 = (($pi + $pmi) * 12 + $pt + $hi ) / .28; $i36 = (($pi + $mi + $pmi) * 12 + $pt + $hi ) / .36; if ($i28 > $i36) { $req_inc = $i28; } else { $req_inc = $i36; } printf("",$i28); printf("",$i36); $req_inc_s = sprintf("%9.2f",$req_inc); print ""; print<

PMI appears above if your downpayment is less than 20% of your home value. That means you must pay an extra .32% to .90% a year until you break the 20% criteria. They also add that into the income requirement.

The 28% income is based on PITI (Principal+Interest+Tax+Insurance) or more specifically, the mortgage principal plus interest amount plus your monthly property tax and home insurance the lender typically holds in an escrow account for you. This monthly amount is listed above as Total monthly lender payment.

The 36% income is based on the PITI (mortgage principal plus interest amount plus your monthly property tax and home insurance), PLUS any other debt payments you must pay every month. This total amount is the sum described above as Total monthly debt payment.

As long as your total income (salary plus interest, rental and dividend income) meets BOTH of the two incomes you will probably qualify. So you will need an annual income of \$ $req_inc_s

Explanation }
Total monthly lender payment: \$ %7.2f
Total monthly debt payment: \$ %7.2f
Total monthly PMI payment.
%4.2f %% a year on \$ %7.0f loan
Your down payment (%5.2f %%)		 \$ %7.2f
With a down payment of \$ %9d on a purchase of \$ %9d\n", $dp,$hv); printf("
That's a downpayment of only %5.3f %% !\n", $dp/$hv*100); print "
Sorry, but that is highly unprobable.
(Most lenders require 3% down. With VA loans as a big exception)
28%% Qualifying income:\$ %9.2f
36%% Qualifying income:\$ %9.2f
So Minimum Qualifying income: \$ $req_inc_s