Loan Qualifying Calculator
|
How much of a home and mortgage can you afford? - Use this loan qualifying calculator to
determine the approximate maximum amount of mortgage and home you can qualify for based on your income and debt. Results will indicate your qualifications
using 4 different types of loans; interest-only, 30, 20 and 15 year mortgages. The
more exact your information entered the more accurate the estimate will be.
Step 1: Enter Income
Step 2: Enter Liabilities
Step 3: Enter Assets
Step 4: Select Mortgage Rate
Click "How Much of a Home Can I Afford to Purchase."
|
|
Step 1: Income |
|
Enter the total "Gross" monthly income for each borrower. Gross is before "taxes"
are taken out. If more than two borrowers you can combine the amounts onto one line. |
|
|
Borrower A |
Borrower B |
|
Monthly Income |
|
|
|
Step 2: Monthly Bills |
|
Enter the total of the "Minimum
Required Payments" for each of the type of liabilty
indicated below. |
|
Auto Loan(s)
|
|
|
Credit Card(s) |
|
|
Student Loan(s) |
|
|
Personal Loan(s) |
|
|
401 K / Retirement Account Loan(s) |
|
|
Other Loan(s) |
|
|
Other Liabilities - these may or may not be reported on your credit report but must
be used during loan qualifying.
|
|
Alimony / Palimony |
|
|
Child Support |
|
|
Liens / Judgement |
|
|
Step 3: Funds Available |
|
Enter the total amounts of funds available. You may elect to use all or part of
the funds indicated. If you are selling a home, you can enter your estimated "net"
proceeds that will be used for the purcahse. |
|
Checking /
Savings |
|
|
401K / Retirement Accounts |
|
|
Net
Proceeds From Sale of Home |
|
|
Step 4: Mortgage Interest Rate |
|
Select the estimated current mortgage rate you will be able to obtain.
(Note: if
using an adjustable rate mortgage, you must qualify at the fully indexed rate, which
will be approximately the same as a 30 year fixed in most cases). |
|
Interest Rate |
|
|
|
|
Loan Qualification Summary |
|
Summary of information provided used for loan qualification purposes |
|
Totals |
Total
Income: |
|
Total
Liabilities: |
|
|
|
Funds Available: |
|
Income to Debt: |
% |
|
Loan Qualifying Results w/ Four Different Types of Mortgages |
|
Loan qualification results. Four different types of mortgage terms are provided
to show the difference in mortgage amounts based on the type of mortgage amortization
used. Calculator assumes maximum qualifications and sales prices using the majority
of your available funds. If you wish to use less of your available funds, deduct
the amount from the maximum loan. If doing 100% financing, your maximum loan amount
is your maximum sales price. |
|
|
Interest Only
|
30 Year Fixed |
20 Year Fixed |
15 Year Fixed |
|
Max.
Sales Price |
|
|
|
|
Free Mortgage Rate Check & Prequalification - Get Started Today!
|
|
Max. Loan Amount |
|
|
|
|
|
Down Payment |
|
|
|
|
|
Loan to Value |
% |
% |
% |
% |
|
Mortgage Payment (P.I. only) |
|
|
|
|
|
Est. Monthly Taxes & Insurance (2.35%**) |
|
|
|
|
|
Est. P.I.T.I Payment |
|
|
|
|
|
Front-End Ratio |
% |
% |
% |
% |
|
Back-End Ratio |
% |
% |
% |
% |
Est. Closing Costs
(Est. at 3.25%***) |
|
|
|
|
|
Suggested Min. Cash Reserves at Closing |
|
|
|
|
|
Total
Funds Required for Closing |
|
|
|
|
|
Total
Funds Available |
|
|
|
|
|
Funds Remaining after Closing |
|
|
|
|
Add to Favorites | 
Email to a Friend |
 Print this
Page
Tag Del.icio.us | Digg | Furl |
Suggestions / Feedback
|
Loan Qualifying Calculator Disclosure* - The information provided on or through
this site is for purposes of general consumer education only and is not intended
as a substitute for advice from a qualified professional, such as, but not limited
to, a lawyer, mortgage broker, accountant, investment advisor, insurance broker,
financial planner, real estate agent or home inspector. We can not and do not guarantee
the accuracy or the applicability of this information to your circumstances. We
encourage you to seek personalized advice from qualified professionals regarding
all personal finance and real estate issues.
Estimate Monthly Taxes & Insurance** - This is an estimated amount of the property
taxes, homeowners insurance and possible private mortgage insurance. This may vary
from area to area. Property taxes estimated at 1.25% per year. Homeowners insurance
estimated at .03% per year and PMI estimated at .875% per year.
Estimated Closing Costs*** - This is an estimate of the closing costs associated
with obtaining a mortgage loan. Includes points, loan origination fees, title, escrow
/ attorney and misc. other fee's typically associated with a loan in California.
Fee's may be higher or lower dependant on area and qualifications.
|