Mortgage Qualification


Ready to cash in your stock market gains and buy the house of your dreams?  Well, before you go sampling the waters at your local mortgage companies, you can use this quick little calculator as a guide to what the mortgage companies will allow you.  There are a lot of factors, of course, which will ultimately determine what your bank or mortgage company will allow, but gross income and current debt payments are the most heavily weighted qualifiers.

 

Instructions: Complete or change white entry fields (gray fields are calculated automatically). The calculator will automatically recalculate anytime you make a change to white field and then press the TAB key. 

Note: When making entries into the entry boxes only numbers and decimal points are permitted. Typing in dollar signs, commas, and other non-numeric characters will result in an error message.

 

 

 

 

 

 

 

 

http://draketechnologies.com/aceMcDaniel/customImages/Titlecalculators.gif (5594 bytes) 

TAX
  Tax Estimator

BORROWING
  Loan Amortization
  Loan Comparison
  Missing Loan Term
  Debt  Consolidation

INVESTMENT
  Portfolio Mix
  Compounding Interval
  Single Future Value
  Periodic Future Value
  Savings Time
  Savings Goal
  Lump Sum Savings
  Retirement Savings
  IRA Distributions
  College Funding

MORTGAGE
  Mortgage Qualification
  Bi-Weekly Mortgage
  Mortgage Refinancing
  Payoff Goal
  Rent vs. Buy

BUDGETING
  Net Worth
  Cash Flow
  Expense Percentage
  Wage Conversion
  Irregular Payments
  Credit Card Payment
  Debt Investment
  Average Interest Rate
  Real Hourly Wage
  Lifetime Earnings
  Generic Savings
  Car Cost Comparison
  Transportation Savings

 

Purchase Information

 

Purchase Price:
Down Payment:
Loan amount:
Interest Rate:
Length of the Mortgage in years:
 

Payment Information

 

Principal & Interest:
Annual Property Taxes: 
    
Annual Insurance:
    
Annual PMI: 
    
Monthly association fees:
Monthly Payment (PITI):
Tax deductable portion of payment:
 

Qualifying Information

 

Gross income:
Monthly debt payments:
Qualify for loan?:
Maximum qualifying loan amount:
Current Income to Payment
    Ratio (max = 28%):
Current Debt to Income Ratio
    (max = 36%):
 

 


Longer term loans may take a few moments for the report to be generated.

Copyright 1998-2001 Daniel C. Peterson, All Rights Reserved