Maximum Mortgage Calculator

Maximum Mortgage

At INTEREST_RATE your maximum mortgage is LOAN_AMOUNT for your income of YOUR_ANNUAL_INCOME.

YOUR_ANNUAL_INCOME provides for a maximum Principal, Interest, Taxes and Insurance (PITI) payment of LOAN_PITI. After taxes and insurance your principal and interest payment (PI) of LOAN_PI would pay for a LOAN_AMOUNT mortgage, with an interest rate of INTEREST_RATE and a term of TERM_IN_YEARS years.

Maximum Mortgage Results
Annual income	YOUR_ANNUAL_INCOME
Term	TERM_IN_YEARS years
Interest rate	INTEREST_RATE
Monthly housing expenses	MONTHLY_HOUSING_EXPENSES
Monthly liabilities	MONTHLY_LIABILITIES
Maximum housing payment (PITI)	LOAN_PITI
Maximum principal & interest payment (PI)	LOAN_PI
Maximum mortgage	LOAN_AMOUNT

Your Income
&NBSP;	Borrower	Co-borrower
Salary	SALARY SALARY_UNITS	COBORROWER_SALARY SALARY_UNITS
Commission	COMMISSION COMMISSION_UNITS	COBORROWER_COMMISSION COMMISSION_UNITS
Bonus	BONUS BONUS_UNITS	COBORROWER_BONUS BONUS_UNITS
Other	OTHER_INCOME OTHER_UNITS	COBORROWER_OTHER_INCOME OTHER_UNITS

Housing Expenses
Real estate taxes	REAL_ESTATE_TAXES REAL_ESTATE_TAXES_UNIT
Hazard insurance	HAZARD_INSURANCE HAZARD_INSURANCE_UNIT
Housing expenses	HOUSING_EXPENSES HOUSING_EXPENSES_UNIT
Mortgage insurance	MORTGAGE_INSURANCE MORTGAGE_INSURANCE_UNIT

Current Monthly Liabilities
&NBSP;	Borrower	Co-borrower
Auto loans	AUTO_LOANS	COBORROWER_AUTO_LOANS
Credit cards	CREDIT_CARDS	COBORROWER_CREDIT_CARDS
Installment loans	INSTALLMENT_LOANS	COBORROWER_INSTALLMENT_LOANS
Student loans	STUDENT_LOANS	COBORROWER_STUDENT_LOANS
Alimony & child support	ALIMONY_CHILD_SUPPORT	COBORROWER_ALIMONY_CHILD_SUPPORT
Other loans	OTHER_LOANS	COBORROWER_OTHER_LOANS
Other	OTHER_LIABILITY	COBORROWER_OTHER_LIABILITY

Qualify Calculation

Your LOAN_PITI maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:

1. Monthly Income X LOW_DEBT_PITI_RATE = monthly PITI

&NBSP;&NBSP;&NBSP;&NBSP;Which is: YOUR_INCOME X LOW_DEBT_PITI_RATE = QLFY_PITI_ONLY

2. Monthly Income X HIGH_DEBT_PITI_RATE - Monthly Liabilities = monthly PITI

&NBSP;&NBSP;&NBSP;&NBSP;Which is: YOUR_INCOME X HIGH_DEBT_PITI_RATE - MONTHLY_LIABILITIES = QLFY_PITI_DEBT

Qualifying Mortgage Amounts for a Range of Interest Rates

**REPEATING GROUP**

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What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.

Definitions

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 28% = monthly PITI
Monthly Income X 36% - 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.