How much do I qualify for?
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- Monthly income
- Total monthly income from all sources. All income should be entered before taxes.
- Monthly housing expenses
- Your monthly houses expenses from the housing expenses worksheet. The items entered
as housing expenses make up the taxes and insurance portion of your monthly PITI payment.
- Monthly liabilities
- Your monthly liabilities from the liabilities worksheet. Your monthly liabilities
are used to calculate your maximum PITI.
- Monthly housing payment (PITI)
- This is your total Principal, Interest, Tax and Insurance (PITI) payment per month.
This includes your principal, interest, real estate taxes, hazard insurance, association
dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is
calculated by taking the lower of these two calculations:
- Monthly Income X 35% = monthly PITI
- Monthly Income X 45% - Other loan payments = monthly PITI
- Maximum principal and interest (PI)
- This is your maximum monthly principal and interest payment. It is calculated by subtracting
your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum
PI payment to determine the mortgage amount that you could qualify for.
- Start interest rates at
- The current interest rate you could receive on your mortgage. This is used as the starting
point for displaying a range of interest rates and the resulting mortgage amount.
- 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.