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Mortgage Calculator

One of the things that you'll want to do is "pre-qualify" yourself by determining just how much home loan you can afford with an estimate of your maximum monthly house payment.

By knowing the down payment amount and your maximum monthly house payment, you'll know which homes fall into your price range. Use this worksheet to estimate your monthly payment:


STEP ONE
The
downpayment
   10%
or more		   Income
Ratio = 28%		   Total Debt
Ratio = 36%
will be:
   less
than 10%		   Income
Ratio = 25%		   Total Debt
Ratio = 33%

STEP TWO
Total Gross Monthly Income
(self and any co-borrowers):		 $
x Income Ratio
Estimated Maximum
Monthly House Payment
(principal, interest, taxes and insurance): 		= *

STEP THREE
1. Multiply your total gross monthly
income by the Total Debt Ratio
Total Gross Monthly Income
(self and any co-borrowers):		 $
x Total Debt Ratio
(A) = $

2. Add up these expenses:
Monthly Installment Debts
(include all debts with 10 or more
payments remaining, e.g., car, credit
cards, child support/alimony):
 (B) = $

3. Subtract (B) from (A):
Estimated Maximum
Monthly House Payment
(principal, interest, taxes and insurance)		 (C) = *


* NOTES:
If there is a difference between the amounts of your Estimated Maximum Monthly House Payments in Step One and Step Two, use the lesser as your guideline.

Before a lenders makes a decision on your loan, additional information will be requested (credit history, other income sources, etc.)

Formulas and ratios may vary based on loan type and lender.