Mortgage Income Calculator
See how lenders are likely to count your salary, overtime, self-employment and other income, by loan program. A planning tool from a veteran-owned broker, not an approval.
Mortgage income calculator
Lenders do not just look at your paycheck. Overtime, bonus and commission are averaged, self-employed income comes from your tax returns, and some non-taxed income can be "grossed up". Add each source of income below and see how lenders are likely to count it, by loan program. It uses the same income rules our loan officers work from.
This is an estimate only, based on the figures you enter and general agency income rules. It is not a loan approval, pre-qualification, commitment to lend or credit decision, and it does not quote or advertise rates or payments. A licensed loan officer decides which income can be used after reviewing your documents (pay stubs, W-2s, tax returns, award letters), and lender rules can be stricter.
Want a broker to check your numbers?
Send your numbers to a licensed broker and get a free written review: which income counts, how lenders will likely average it, and what to have ready.
Reading your estimate
Variable pay is averaged
Overtime, bonus and commission are averaged over the months you actually earned them. If the trend is down, lenders use the lower figure.
Self-employed uses your returns
Lenders start from net profit on your Schedule C, add back items like depreciation, and use the lower year when income dropped.
Non-taxed income can count more
Social Security, VA disability and child support that are not taxed can often be grossed up for Conventional, FHA and VA loans.
Next steps
Ready for real numbers? Let's talk
Home Loans Inc: Jason Sharon, Mortgage Broker
2557 Ashley Phosphate Rd, North Charleston, SC 29418
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Rated 5.0 by the families we serve.
Jason knows his stuff! We highly recommend him for your mortgage needs! He responds timely, provides information you didn't know you needed, puts the client needs first, and makes common sense adjustments throughout the entire process.
Jason and his team did an amazing job for me. They communicated often and made the entire mortgage process smooth and efficient. I can genuinely say that they are honest, trustworthy and strive to provide the best service possible to their clients.
Jason has been awesome since the beginning. He has been communicative, professional, KNOWLEDGEABLE, and honest. I am very happy with all my services so far, and I recommend UWM!