To determine the approximate annual salary requirement for a conventional mortgage, enter the mortgage amount you desire (don't use the dollar sign or a comma); the number of years of the mortgage and the interest rate (example: for 7%, enter 7); estimate the annual property taxes of your new home; estimate the monthly cost for hazard insurance for your new home; and the monthly amount of current installment debt that you have (include things like your car payment and other debts that you pay for over a period of years). Then just click on the calculate button and results will show instantly. Try with different information as many times as you like.

Note: the results are based on industry lending averages that the total mortgage payment should not exceed 28% of your gross monthly income and that your total debt should not exceed 36% of your gross monthly income.