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Mortgage Qualification Calculator

This calculator will help you to determine how much house you can afford and/or qualify for.

Begin by clicking in the first entry field and follow the instructions that appear in the Help box.

Your gross annual household income. This is the amount before taxes are deducted.
The total of your non-mortgage monthly debt payments. This would include car loans, student loans, credit card payments and so on.
The amount you have available to cover the mortgage down payment and closing costs.
The annual interest rate you expect to pay on this mortgage. You can enter the rate either as a percentage (8.25) or as a decimal (.0825), whichever you prefer.')
The monthly Private Mortgage Insurance Percentage(PMI) you expect to pay (usually between .02% and .07% of loan amount). If you do not know what the percentage is, leave the field blank and the calculator will estimate your monthly PMI based on industry standards. If you DO know what the PMI percentage is, move the decimal place 1 digit to the right when entering (enter .04% simply as .4).
The monthly insurance payment you expect to pay. As a rule of thumb, you can expect to pay .125% (home price X .00125) of the purchase price per month.
The annual property tax percentage you expect to pay. As a rule of thumb, you can expect to pay 1.1% of the purchase price per year (Enter 1.1% as 1.1).
The length of the mortgage loan in number of years.
Your maximum mortgage payment to income ratio. The default ratio is 28%, in which case your mortgage payment cannot exceed 28% of your monthly income.
Your maximum mortgage payment plus debt payments to income ratio. The default ratio is 36%, in which case your mortgage payment plus your debt payments cannot exceed 36% of your monthly income.
This is your original down payment amount.
This is the maximum mortgage you would qualify for based on your current entries.
This is home price you could afford (the total of your down payment and your maximum mortgage amount).
This is your estimated monthly PMI payment amount.
This is your estimated monthly insurance payment amount.
This is your estimated monthly property tax payment amount.
This is your estimated monthly principal and interest payment amount.
This is the estimated total of all monthly payments associated to size of the mortgage that the calculator determined you would qualify for.

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