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How Much House Can I Afford?

Mortgage Qualification Calculator shows you how much house and how much mortgage you can afford based on your income and other factors. The calculator also shows monthly PMI may be required in addition to the monthly mortgage payment.

Mortgage Qualification Calculator 
Gross Monthly Income $
Other Monthly Debt $
Down Payment $
Property Tax Rate %
Home Insurance Rate %
Interest Rate %
Loan Term (months)
Housing Ratio %
Debt Ratio %
Monthly PITI at 28% ratio $
Monthly PITI at 36% ratio $
You are qualified to borrow: 
Property Tax Rate %
Home Insurance Rate %
Down Payment $
Principal + Interest: $
Tax + Insurance: $
Down Payment: %
LTV(Loan-To-Value): %
Monthly Payment(PITI) $
Loan Amount $
Property Value $
 

How to Use the Mortgage Loan Qualification Calculator

Enter your financial information
  • Gross Monthly Income - Your household income before taxes and deductions.
  • Other Monthly Debt - Credit card obligations, installment loans, car loans,student loans,Alimony,Child Support.
  • Loan Term - The number of months you will repay your mortgage.
  • Housing Ratio = PITI/Gross Monthly Income
  • Debt Ratio =(PITI + other debts)/Gross Monthly Income
Click the "Calculate" button to find the result.

Explanation:

  • PITI: P = Principal; I = Interest; T = Taxes; I = Insurance;
  • Total Monthly Housing Expense = PITI
  • Total Monthly Expense = PITI + other debts
  • List of common housing and debt ratios:
    • 28/36 for conforming
    • 33/38 for prime loans
    • 29/41 for FHA mortgages
    • 41/41 for VA mortgages
    • 50-55 for debt ratio only for subprime products(depends on LTV)
  • Lower PITI calculated at 28% ratio and 36% ratio is used in this calculator.
  • Mortgage insurance calculated at 0.55% of loan amount is used in this calculator.
  • Mortgage insurance is required by conventional loans if Loan-To-Value(LTV) is more than 80%. Mortgage insurance protects lender in the case of default on a mortgage loan.
  • Closing cost You need to prepare extra money for title fees, recording fees, appraisal fees, inspection fees and taxes etc.

Note: The information provided on or through this site and all mortgage calculators is for purposes of general consumer education only. and is not intended as a substitute for advice from a qualified professional.
 
 
Mortgage Rate 
Loan Type Rate APR
30-Year Fixed 4.215% 4.340%
15-Year Fixed 3.500% 3.625%
7/1 ARM 3.375% 3.400%
5/1 ARM 3.000% 3.125%
 
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