Know Your Limits*

To offer you a precise mortgage, a bank must know your gross income (before taxes and deductions) and your debt obligations.

Your gross income determines your maximum mortgage. Your monthly debt payments determine whether you meet the bank's defined ratios. The bank will eventually require confirmation, so be as accurate as possible with the numbers you provide.

If you are like most of us, you don't have a written monthly budget. We've made it easy for you by providing a worksheet to calculate your gross income and your monthly debt payments.

Monthly Debt Payments

Monthly Debt Payments

These are your monthly payments excluding mortgage payments. They include payments on car loans, credit cards, and other forms of personal debt that reduce the amount you can devote to your mortgage payments.

   Estimated Monthly Property Expenses
Loan Name: Annual Property Tax: $
Balance: $ Monthly Property Tax: $
Monthly Payment: $    
       
Lease/Car Name: Monthly Heating Costs: $
Balance: $ Monthly Condo Fees: $
Monthly Payment: $    
       
Credit Card Name: TOTAL ESTIMATED MONTHLY PROPERTY EXPENSES: $ 
Balance: $
Monthly Gross Income

Monthly Gross Income

Annual proven income before deductions. Do not include commissions which you can not predict for sure.

Monthly Payment: $ Gross Applicant Monthly Income:  $
       
Other debt: Gross Co-Applicant Monthly Income: $
Name Balance Monthly Payments
  $   $
  $   $
  $   $
   
TOTAL MONTHLY DEBT PAYMENTS: $  TOTAL MONTHLY GROSS INCOME: $ 
Gross Annual Income

Gross Annual Income

Gross household income is the total salary, wages, commissions, and other income -- before deductions -- from all household members who are co-applicants for the mortgage. The banks will want you to show that you have received this income on a consistent basis for the past two or three years. If you cannot do this, they will usually only use your base salary to qualify you for a mortgage.
Monthly Debt Payments

Monthly Debt Payments

These are your monthly payments excluding mortgage payments. They include payments on car loans, credit cards, and other forms of personal debt that reduce the amount you can devote to your mortgage payments.

 Down-Payment
$  $  $
 

 
Maximum Mortgage $   
Monthly Mortgage Payments $   
Bi-Weekly Mortgage Payments $   
Weekly Mortgage Payments $   

Get a Mortgage

*Calculations and scenarios are for demonstration purposes only. Interest rates on our website are subject to change without notice. To obtain a rate hold down, preapproval or mortgage, you must apply and meet our credit requirements. Calculations are based on the interest rate of the term of the mortgage.