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Financial Calculators

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Mortgage Qualifier

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the payment schedule button to see a complete amortization schedule of your mortgage payments.

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Definitions...

Annual income - Your annual income. For married couples this is your total combined annual income.

Purchase price - The price of the home you wish to purchase. This is the actual price you'll pay, not including any closing costs.

Total monthly payment - Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and insurance paid each month. Often called PITI.

Cash on hand - Cash you have for the down payment and all closing costs.

Interest rate - The current interest rate you can receive on your mortgage.

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.

Property tax rate - Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.

Home insurance rate - Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per in for homeowner's insurance.

Monthly car payment(s) - Total monthly payment for your car loan(s).

Credit card payments - Total monthly minimum payments for your credit cards.

Other loan payments - Any other installment loan payments, such as student loans or unsecured loans.

Total closing costs - Total up front costs to close your loan. This is the total of your loan origination fee, points paid and other closing costs.

Loan origination rate - The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000.

Number of points paid - The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance.

Other closing costs - Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other misc. fees paid.

Monthly PMI payment - Monthly cost of Principal Mortgage insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When your loan balance exceeds 20% of the original purchase price, your PMI payment drops to zero.

Monthly PI payment - Monthly principal and interest payment.

Total for down payment - Total funds remaining, after closing costs, for down payment.

Limit down payment to 20% - Limit down payment to 20% of the purchase price. Even if you have more cash on hand than required for closing costs and a 20% down payment.

Show schedule by month - Display the payment schedule by month when you press the Payment Schedule button.

Show schedule by year - Display the payment schedule by year when you press the Payment Schedule button.

Total debt percent of annual income - Not shown. This is the percent of your annual income your financial institution allows you to use for installment payments debt. This includes car payments, credit card payments, other loan payments and your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 36%.

PITI percent of annual income - Not shown. This is the percent of your annual income your financial institution allows you to use for your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 28%.

Qualify amount - Shown as "Total monthly payment." This is the total amount you qualify for per month. This amount is the total of "Principal, Interest, Tax and Insurance" for your home.