Mortgage Qualifier

The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the payment schedule button to see a complete amortization schedule of your mortgage payments.

Mortgage Qualifier

An annual income of ANNUAL_INCOME may qualifiy you for LOAN_AMOUNT loan.

Using your input values, an annual income of ANNUAL_INCOME should enable you to carry a LENGTH_OF_LOAN year mortgage at INTEREST_RATE in the amount of LOAN_AMOUNT. With a TOTAL_FOR_DOWNPAYMENT down payment the total purchase price would be PURCHASE_PRICE. Total closing costs for this loan are estimated at TOTAL_CLOSING_COSTS.

Monthly payment TOTAL_MONTHLY_PAYMENT

Closing costs TOTAL_CLOSING_COSTS

Principal and interest MONTHLY_PI     Fee for points POINTS_PAID_AMT    
PMI MONTHLY_PMI     Origination fee LOAN_ORIGINATION_AMT    
Taxes MONTHLY_TAXES     Other closing costs OTHER_CLOSING_COSTS    
Insurance MONTHLY_INSURANCE     

To avoid PMI payments a PERCENT_20_DOWN_AMT down payment is required. This equals 20% of your home's purchase price. The total amount of cash required for a 20% down payment plus closing costs would be CLOSING_COSTS_PLUS_20.

Qualify Calculation

The QLFY_AMOUNT monthly payment you could qualify for is calculated by taking the lower of these two calculations:

1.Monthly Income X LOW_DEBT_PITI_RATE = monthly PITI MONTHLY_INCOME X LOW_DEBT_PITI_RATE = QLFY_PITI_ONLY
2.Monthly Income X HIGH_DEBT_PITI_RATE - Other loan payments = monthly PITI MONTHLY_INCOME X HIGH_DEBT_PITI_RATE - TOTAL_LOAN_PAYMENTS = QLFY_PITI_DEBT


Payment Schedule

**REPEATING GROUP**
Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.