Mortgage Rates  :  Home Equity Loan  :  Real Estate  :  Mortgage
 
Mortgage Qualification Calculator
 
Enter Data   Estimated Results
Monthly Income:
(before taxes)		 $     Purchase Price:
Monthly Debt:
(car, credit cards, etc.)		 $ Down Payment:
Down Payment: % Maximum Loan Amount: 
       
Loan Features   Monthly Payment  
Interest Rate: % Principal & Interest:
Term: (years) Real Estate Tax:
  Homeowners Insurance:
Annual Taxes and Insurance PMI Insurance:
Real Estate Tax:
(percent of purchase price)		 % Condo Association Fee:
Homeowners Insurance:
(percent of purchase price)		 % Monthly Housing Expense:
Condo Association Fee: $    
   
   
 
 

Enter your Monthly Income and Monthly Debt payments, change the Down Payment percent, Interest Rate, etc. and "Calculate" the Purchase Price and Maximum Loan Amount.

If your downpayment is 20% or greater, Lenders will allow your "Monthly Housing Expense" to be 33% of your monthly income or 38% of your monthly income minus your other monthly debt - whichever is smaller. If your downpayment is less than 20%, then the ratios are 28%/36%.

Real Estate Tax, Homeowners Insurance, Private Mortgage Insurance (if downpayment is less than 20%) and Condo Association Fees are subtracted from Monthly Housing Expense to determine the maximum "Principal & Interest" payment.

The maximum Principal & Interest payment, Interest Rate and Term of the loan calculates the "Maximum Loan Amount".

The Maximum Loan Amount plus Down Payment equals the "Purchase Price".

  
 

 
 
   
   
     
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