How Much Mortgage Might YOU Qualify For?

How much mortgage might I qualify for?

Most lenders base their home loan qualification on both your total monthly gross income and your monthly expenses. These monthly expenses include property taxes, PMI, association dues, insurance, and credit card payments.
Note: This calculator should be used for estimation purposes only.

Income
	Combined gross annual income
Monthly Expenses
	Minimum monthly credit card payments
	Car payments
	Other fixed monthly debt expenses
Loan Information
	Down payment	%$
	Interest rate
	Loan term	MonthsYears
Payment Information
	Monthly insurance and other costs
	Monthly association dues (if any)
	Annual property tax	%$

The following table shows the calculation methods for figuring out the highest payment you could qualify for based on credit rating

Medium Credit The lesser of 28.000 % of gross income or 36.000 % of gross income less fixed monthly expenses

Good Credit The lesser of 36.000 % of gross income or 42.000 % of gross income less fixed monthly expenses

Using the calculation methods above, you could qualify for

Medium Credit Finance Amount $322,882.27 Down Payment 10.000 % Total Home Worth $358,758.08 Principal and interest $1,833.29 Property tax $373.71 Association dues $0.00 PMI $113.01 Insurance and other costs $80.00 Total payment $2,400.00

Good Credit Finance Amount $395,948.14 Down Payment 10.000 % Total Home Worth $439,942.38 Principal and interest $2,248.15 Property tax $458.27 Association dues $0.00 PMI $138.58 Insurance and other costs $80.00 Total payment $2,925.00

Fill in your own numbers on the link below:

http://www.timevalue.com/products/tcalc-financial-calculators/mortgage-qualification-calculator.aspx