Most lenders base their home loan qualification on both your total monthly gross income and your monthly expenses. These monthly expenses include property taxes, PMI, association dues, insurance, and credit card payments.
Note: This calculator should be used for estimation purposes only.
Combined gross annual income
Minimum monthly credit card payments
Other fixed monthly debt expenses
Monthly insurance and other costs
Monthly association dues (if any)
Annual property tax
The following table shows the calculation methods for figuring out the highest payment you could qualify for based on credit rating
Using the calculation methods above, you could qualify for
Total Home Worth
Principal and interest
Insurance and other costs
This calculator computes how much you might qualify for, but does not actually qualify you for a loan. Indeed, you may qualify for more or less than the amounts presented here based on your individual situation.
In particular, the example PMI is only an estimate, and may vary based on many factors including but not limited to your loantype, credit worthiness, and where you live.
The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.
Presented by TimeValue Software ©2014