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.
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.
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