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
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 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
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.
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.
The calculators and information contained herein are made available
to you as a self-help tool for illustrative use only. Examples are hypothetical.
We can not and do not guarantee the applicability or accuracy in regards
to your individual circumstances. I encourage you to seek personalized
advice from qualified professionals.