Monthly Income Calculator
Turn hourly, weekly, biweekly, or yearly pay into gross monthly income, or average 12 months of variable, freelance, or self-employed income. Free, instant, no sign-up.
How to calculate gross monthly income
Gross monthly income is what you earn in a month before taxes and deductions. The reliable way to get it is to convert your pay to a yearly figure first, then divide by 12:
- Salary: yearly salary ÷ 12
- Hourly: hourly wage × hours per week × 52 ÷ 12
- Weekly: weekly pay × 52 ÷ 12
- Every two weeks (biweekly): paycheck × 26 ÷ 12
- Twice a month (semimonthly): paycheck × 2
The most common mistake is doubling a biweekly paycheck. There are 26 biweekly paychecks a year, not 24, so a $2,000 biweekly check is about $4,333 a month, not $4,000.
Hourly wage to monthly income
| Hourly wage | Monthly (40 hrs/wk) | Yearly |
|---|---|---|
| $15/hr | $2,600 | $31,200 |
| $20/hr | $3,467 | $41,600 |
| $25/hr | $4,333 | $52,000 |
| $30/hr | $5,200 | $62,400 |
| $40/hr | $6,933 | $83,200 |
| $50/hr | $8,667 | $104,000 |
Annual salary to monthly income
| Yearly salary | Monthly | Biweekly paycheck |
|---|---|---|
| $40,000 | $3,333 | $1,538 |
| $50,000 | $4,167 | $1,923 |
| $60,000 | $5,000 | $2,308 |
| $75,000 | $6,250 | $2,885 |
| $100,000 | $8,333 | $3,846 |
| $150,000 | $12,500 | $5,769 |
Monthly income when your pay varies
If you're self-employed, freelance, work gigs, or earn commission or tips, there's no single paycheck to convert. Average your gross income over the last 12 months instead. The variable mode above also shows your median month, your lowest month, and how much your income swings, which matters for budgeting and for anyone reviewing your income.
Lenders typically average 12 to 24 months of self-employed income, and if recent months are lower than the average they'll often use the lower figure. Landlords look at the same thing when they check rent against income; see our rent affordability calculator and debt-to-income calculator.
Proving your monthly income
Knowing the number is step one; showing it is step two. Employees can use pay stubs or an employment verification letter. If your income is irregular, a bank-connected proof of income report estimates your monthly income from real deposits, so there's nothing to calculate by hand.
Frequently asked questions
How do I calculate my gross monthly income?
Take your pay before taxes and deductions and convert it to a yearly figure, then divide by 12. For a salary, divide by 12. For hourly pay, multiply your wage by weekly hours and by 52, then divide by 12. For biweekly paychecks, multiply one paycheck by 26 and divide by 12.
What is the difference between gross and net monthly income?
Gross monthly income is what you earn before taxes, retirement contributions, and insurance come out. Net income is your take-home pay. Landlords and lenders almost always ask for gross income.
How do I calculate monthly income if I’m self-employed?
Add up your income for the last 12 months and divide by 12. Lenders often average 12 to 24 months of self-employed income, and they usually use income after business expenses, so keep your figures consistent with your tax returns.
Is $25 an hour good monthly income?
At 40 hours a week, $25 an hour is about $4,333 a month before taxes, or $52,000 a year. Whether that’s enough depends on where you live and your costs.
How do I prove my monthly income?
Common options are recent pay stubs, an employment verification letter, tax returns, bank statements, or a bank-connected income report that estimates monthly income from your actual deposits.
Need to show your income to someone?
Connect your bank and get a report of your estimated monthly income from your deposits. One report is $14.99.
Get a proof of income reportFigures are estimates for budgeting and planning. They don't account for taxes, overtime, bonuses, or unpaid time off unless you include them.