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 Modification Evaluator

Use this tool to determine if you may be eligible for the Home Affordable Modification. Simply enter your current monthly gross income. The tool will calculate a mortgage payment guideline amount. If your current mortgage payment is above this amount and you meet the other Home Affordable Modification guidelines, then you may be eligible. Please be sure to read the notes below for further information.  Find out more about the Home Affordable Modification Program SM.

Modification Evaluator for Home Affordable Mortgage Modification

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Monthly Gross Income Calculator
Monthly Gross Income: is the total monthly income of all the borrowers who signed your mortgage before any taxes or other deductions are made. If you do not know your monthly gross income, use this calculator.
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Notes:
  • Enter Your Monthly Take Home Pay (Net Income): This is the amount of money all borrowers who signed your mortgage (for example your spouse or a co-signer) are actually paid each month after taxes are deducted. Be sure to add the monthly net pay of all borrowers. This is a monthly amount so if any borrowers are paid twice a month, simply add those two amounts together to get that borrower's monthly net pay.
  • Estimated Monthly Gross Income: This is a rough estimate of the total monthly pay of all borrowers before any taxes are deducted.
Note: to protect your privacy, this site will not record your information.
Mortgage Payment-to-Income Guideline
31%
Monthly Mortgage Payment Guideline
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If your current mortgage payment is above the amount shown in the Mortgage Payment Guideline, then you may be eligible for the Home Affordable Modification. Please go to the Modification Eligibility page to get started.

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Notes:
  • Gross Monthly Income: is the total income of all borrowers who signed your mortgage before any taxes or other deductions are made. If more than one person signed your mortgage, such as your spouse or a co-signer, add the gross monthly income of all borrowers and enter this amount.
  • Mortgage Payment: is defined as what you pay on a monthly-basis for principal, interest, property taxes, hazard insurance and homeowner’s association fees, if applicable. Please include information about your first (or “primary”) mortgage only. Do not include any payments on your second mortgage. You may have taxes and interest in escrow added to your monthly payment already, so be careful to count taxes and escrow only once.
  • Mortgage Payment Guideline: this is calculated as 31% of your current monthly gross income. If your current monthly mortgage payment is above this amount, you may be eligible for the Home Affordable Modification.
Note: to protect your privacy, this site will not record your information.
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Last Updated: 12/23/2011 9:38 AM