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Mortgage Qualifier Calculator
The first step in buying a house is determining your budget. This calculator
steps you through the process of finding out how much you can borrow. Fill in
the entry fields and click on the "View Report" button to see a complete
amortization schedule of your mortgage payments.
Definitions
- Annual income
- Your annual income before taxes. For married couples this is your total
combined annual income before taxes.
- Purchase price
- The price of the home you wish to purchase. This is the actual price you'll
pay, not including any closing costs.
- Total monthly payment
- Total monthly payment that you can qualify for. This is the total of
principal, interest, taxes and insurance paid each month. Often called PITI.
- Cash on hand
- Cash you have for the down payment and all closing costs.
- Interest rate
- The current annual interest rate you can receive on your mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common
mortgage terms are 15 years and 30 years.
- Property tax rate
- Your property tax rate. 1% for a $100,000 home equals $1,000 per year in
property taxes.
- Home insurance rate
- Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per
year for homeowner's insurance.
- Monthly car payment(s)
- Total monthly payment for your car loan(s).
- Credit card payments
- Total monthly minimum payments for your credit cards.
- Other loan payments
- Any other installment loan payments, such as student loans or unsecured
loans.
- Total closing costs
- Total upfront costs to close your loan. This is the total of your loan
origination fee, points paid and other closing costs.
- Loan origination rate
- The percentage the lending institution charges for its origination fee. 1%
for a $100,000 home equals $1,000.
- Number of points paid
- The total number of points paid to reduce the interest rate of your
mortgage. Each point costs 1% of your mortgage balance.
- Other closing costs
- Estimate of all other closing costs for this loan. This should include
filing fees, appraiser fees and any other miscellaneous fees paid.
- Monthly PMI payment
- Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with
less than 20% down, PMI is estimated at 0.5% of your loan balance each year.
Monthly PMI is calculated by multiplying your starting loan balance by this
percent and dividing by 12. When the equity in your home exceeds the percentage
required for PMI, your PMI payment drops to zero. Please note that this is only
an estimate of your actual PMI. The amount you may be required to pay may be
higher or lower than our estimate.
- Monthly PI payment
- Monthly principal and interest payment.
- Total for down payment
- Total funds remaining, after closing costs, for down payment.
- Limit down payment
- Limit your down payment to percentage required to eliminate the need for PMI
payments. Even if you have more cash on hand than required for closing costs
checking this box will limit your down payment to the minimum amount required to
forego PMI.
- Show schedule by month
- Display the payment schedule by month when you press the "View Report"
button.
- Show schedule by year
- Display the payment schedule by year when you press the "View Report"
button.
- Total annual income debt percentage
- Not shown. This is the percentage of your annual income your financial
institution allows you to use for debt installment payments. This includes car
payments, credit card payments, other loan payments and your "Principal,
Interest, Tax and Insurance" payment for your home. The default rate is 36%.
- PITI annual income percentage
- Not shown. This is the percentage of your annual income your financial
institution allows you to use for your "Principal, Interest, Tax and Insurance"
payment for your home. The default rate is 28%.
- Qualify amount
- Shown as "Total monthly payment." This is the total amount you qualify for
per month. This amount is the total of "Principal, Interest, Tax and Insurance"
for your home.
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