Use the MGIC Income Calculator Worksheet to estimate your net income by inputting your gross monthly income, annual debt payments, monthly debt payments, and housing expenses.
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Income Calculation Formula
The following formula is used to calculate your net income:
Net Income = Annual Income - (Annual Debt Payments + Monthly Debt Payments * 12 + Monthly Housing Expense * 12)
Variables:
- Net Income is the amount of money you have after all deductions ($)
- Annual Income is your gross income over a year ($)
- Annual Debt Payments are your total debt payments for the year ($)
- Monthly Debt Payments are the debt payments you make each month ($)
- Monthly Housing Expense is your housing cost each month ($)
To calculate your net income, start with your gross annual income, then subtract your annual debt payments, the total of your monthly debt payments multiplied by 12, and your monthly housing expense multiplied by 12.