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Mortgage Qualification Calculator

A Mortgage Qualification Calculator is a home mortgage calculator that can help you know how much of a mortgage you can afford. Use this a cool mortgage affordability calculator.

You can use this accessible mortgage affordability calculator to help you estimate how much home you can afford. Keep in mind your debt ratio (DTI or debt to income) should be around 29/41. So that is 29% of your gross household income for house payment that includes principal, interest, taxes and insurance. The total expenses that include your house, auto, student loans and revolving credit would be no more than 41% of your gross income.

Be sure to enter your current incomes and expenses. This home mortgage calculator comes in handy since lenders base the qualifications for a loan on your total monthly gross income and expenses. Now you can see if you qualify for a loan before you apply for one.

The nice thing about this calculator is it also can blend the income and expenses of a co-borrower. Perhaps that will help you afford a bigger home. Or you may decide its better to not include the co-borrower on the loan as it may lower you debt to income ratio (DTI).

Once again, its just a tool to help you out in your decision making process. So play with it and explore the possibilities.

Cool Mortgage Qualification Calculator

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.

Gross annual income: Explain/Instruct
Monthly debt payments:
Down payment:
Annual interest rate:
Monthly Private Mortgage Insurance (PMI %):
Monthly insurance:
Annual property tax percentage(%):
Length of the mortgage:
Maximum mortgage payment to income ratio (%):
Maximum debt payments to income ratio (%):
Downpayment: Explain/Instruct
Loan Amount:
Home Price:
Monthly PMI payment:
Monthly insurance payment:
Monthly property tax payment:
Monthly principal & interest payment (P&I):
Total monthly cash outflow:

Do not make the mistake that many people do by going shopping for a home first and then find out what you can afford. Sometimes this causes disappointment, because the house you may want may not fit into your budget. So use this calculator to decide how much you can afford before you go shopping for a house or apply for a loan.

If you need help estimating your mortgage closing costs, check out this FREE closing costs calculator by clicking here.

Leave Mortgage Qualification Calculator and return to Mortgage Calculators main page.

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