Real Estate Terms Glossary
What is a Gross Monthly Income?
A person’s gross monthly income is the aggregate or total income they earn from all sources. Your gross income is your total monthly income before the deduction of taxes and some other items, like health insurance that your employer provides.
Did you know that your gross monthly income is beneficial to know when you apply for a home loan? Note that lenders, such as banks and credit card companies, consider your gross monthly income on the application when determining whether you qualify for credit.
Examples of Gross Monthly Income
- Example 1: Individual gross monthly income
- Example 2: Household gross monthly income
Here’s Investopedia’s definition of Gross Monthly Income .
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