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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.

All fields are required.

Income

Combined gross annual income

Monthly Expenses

Minimum monthly credit card payments

Car payments

Other fixed monthly debt expenses

Loan Information

Down payment

down payment as a percent or in dollars % $

Interest rate

Loan term

term in months or years Months Years

Payment Information

Monthly insurance and other costs

Monthly association dues (if any)

Annual property tax

property tax as a percent or in dollars % $

Calculator Results

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	$395,940.94
Down Payment	10.000 %

Total Home Worth	$439,934.38

Principal and interest	$1,723.16
Property tax	$458.27
Association dues	$0.00
PMI	$138.58
Insurance and other costs	$80.00

Total payment	$2,400.00

Good Credit
Finance Amount	$485,539.82
Down Payment	10.000 %

Total Home Worth	$539,488.69

Principal and interest	$2,113.10
Property tax	$561.97
Association dues	$0.00
PMI	$169.94
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 loan type, credit worthiness, and where you live.

Calculator disclaimer

The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. 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.