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

Calculator tips

This calculator computes how much you might qualify for, but does not actually qualify you for a loan. Indeed, you may qualify for more or less than the amounts presented here based on your individual situation.

In particular, the example PMI is only an estimate, and may vary based on many factors including but not limited to your loantype, credit worthiness, and where you live.

Calculator disclaimer

The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.

How much mortgage might I qualify for?

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