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Mortgage Pre-Qualification and Monthly Income Calculator Tutorial


The following will explain the use of the mortgage pre-qualification and monthly income calculator.  RETURN TO MORTGAGE PRE-QUALIFICATION CALCULATOR
Year to date calculator

YEAR TO DATE INCOME CALCULATOR

Mortgage loan officers and underwriters will use a year to date calculation to determine the applicant's monthly income. Enter your GROSS social security wages in the Year to Date Income box. Mortgage lenders use GROSS income to qualify buyers - not net income. Enter the start date for the year. If you have been employed with the company the entire year. Leave the Start Date at January 1, 2009. If you started working for the company on March 1, 2010, enter that date in the Start Date. The End Date is the most recent pay ending date. Click outside the box or use the tab key to estimate your monthly income.
Gross monthly income calculator

GROSS MONTHLY INCOME CALCULATOR

Some people are paid weekly, twice a month or every other week. Enter your GROSS (social security wages) in the Income box and choose the pay frequency to estimate the monthly income.
Hourly rate calculator

HOURLY RATE INCOME CALCULATOR

This calculator converts an hourly rate into an estimated monthly income. Simply enter the hourly rate and choose the number of hours in a week.
Income average calculator

INCOME AVERAGE CALCULATOR

This calculator will average two incomes (i.e. unemployment compensation). Enter the incomes and choose the division term. To obtain an average monthly unemployment over a two year period, divide by 24 months.
Gross up income calculator

MONTHLY INCOME GROSS UP

Some non-taxable income can be "grossed" up, generally by 20%. Enter the non-taxable income and choose the gross up percentage.

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