Enter the monthly mortgage payment ($) and the monthly income ($) into the Mortgage to Income Ratio Calculator. The calculator will evaluate and display the Mortgage to Income Ratio.
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Mortgage to Income Ratio Formula
The following formula is used to calculate the Mortgage to Income Ratio.
MIR = MP / MI
- Where MIR is the Mortgage to Income Ratio (mortgage:income)
- MP is the monthly mortgage payment ($)
- MI is the monthly income ($)
How to Calculate Mortgage to Income Ratio?
The following example problems outline how to calculate Mortgage to Income Ratio.
Example Problem #1:
- First, determine the monthly mortgage payment ($).
- The monthly mortgage payment ($) is given as: 2,000.
- Next, determine the monthly income ($).
- The monthly income ($) is provided as: 5,000.
- Finally, calculate the Mortgage to Income Ratio using the equation above:
MIR = MP / MI
The values given above are inserted into the equation below and the solution is calculated:
MIR = 2,000 / 5,000 = .40 (mortgage:income)
Example Problem #2:
For this problem, the variables required are provided below:
monthly mortgage payment ($) = 3,000
monthly income ($) = 10,000
Test your knowledge using the equation and check your answer with the calculator above.
MIR = MP / MI = ?
