Mortgage Qualifier Calculator – How Much Can You Afford?

Mortgage Qualifying Calculator

When thinking about buying a dwelling, some of the big questions are : How much can I afford ? Can I afford the family I ‘m concern in ? What will my mortgage payments be if I buy this home ? This mortgage Qualifying Calculator can give you the answers to all three.

By changing any measure in the play along form fields, calculated values are immediately provided for expose output values. Click the view reputation button to see all of your results .

Financial Calculators from
Dinkytown.net

You can purchase a $ 81,738 home

Mortgage Information:

Press spacebar to hide inputs

Calculate for

:

*

This entry is Required.

Annual income

:

Enter an amount between $0 and $100,000,000

$ 0
$ 10k
$ 100k
$ 500k

Purchase price

:

Enter an amount between $0 and $250,000,000

$ 0k
$ 200k
$ 500k
$ 1m

Total monthly payment

:

*

This entry is Required.

Enter an amount between $0 and $1,000,000

$ 0
$ 1k
$ 5k
$ 10k

Loan amount

:

$ 72,462

Term in years

:

*

This entry is Required.

1
10
19
40

Term in months

:

*

This entry is Required.

Enter an amount between 0 and 480

0
160
320
480

Interest rate

:

*

This entry is Required.

Enter an amount between 0% and 25%

0 %
8 %
16 %
25 %

Property tax

:

*

This entry is Required.

Enter an amount between 0% and 20%

0 %
6 %
13 %
20 %

Home insurance

:

*

This entry is Required.

Enter an amount between 0% and 10%

0 %
3 %
6 %
10 %

Report amortization

:

Report amortization

per annum
monthly

Down Payment and Closing Costs:

Press spacebar to show inputs

$ 725

Cash on hand

:

*

This entry is Required.

Enter an amount between $0 and $10,000,000

$ 0
$ 100k
$ 1m
$ 10m

Loan origination

:

*

This entry is Required.

Enter an amount between 0% and 5%

0 %
1 %
3 %
5 %

Points paid

:

*

This entry is Required.

Enter an amount between -4 and 8

-4
0
4
8

Other closing costs

:

*

This entry is Required.

Enter an amount between $0 and $10,000

$ 0
$ 1k
$ 5k
$ 10k

Limit downpayment to 20%

:

Total Monthly Debt Payments:

Press spacebar to show inputs

$ 0

Monthly car payment(s)

:

*

This entry is Required.

Enter an amount between $0 and $10,000

$ 0
$ 1k
$ 5k
$ 10k

Credit card payment(s)

:

*

This entry is Required.

Enter an amount between $0 and $10,000

$ 0
$ 1k
$ 5k
$ 10k

Other loan payment(s)

:

*

This entry is Required.

Enter an amount between $0 and $10,000

$ 0
$ 1k
$ 5k
$ 10k

$ 500 Monthly Payment Breakdown Pie Chart: Please view the report to see detailed calculation results in tabular form.

$500 Monthly Payment Breakdown

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sum Payments : Interest $ 59,711, Principal $ 72,462 Line Graph: Please view the report to see detailed calculation results in tabular form.

Total Payments: Interest $59,711, Principal $72,462

press spacebar to show graph

Use of $ 10,000 Cash on Hand Column Graph: Please view the report to see detailed calculation results in tabular form.

Use of $10,000 Cash on Hand

press spacebar to show graph

Get Your Exact Rate ›

Definitions

Annual income

Your annual income before taxes. For joint applicants this is your total aggregate annual income before taxes .

Purchase price

The price of the home plate you wish to purchase. This is the actual price you ‘ll pay, not including any close costs .

Total monthly payment

Your total monthly payment, including principal, matter to, taxes and policy ( frequently called “ PITI ” ) .

Term in years

The act of years over which you will repay this loan. common mortgage terms are 15, 20 and 30 years .

Interest rate

The current interest rate you expect to receive on your mortgage. Please note that the interest pace is different from the annual share Rate ( APR ), which includes other expenses such as mortgage policy, and the origin fee and or point ( s ), which were paid when the mortgage was first originated. The APR is normally higher than the bare pastime rate .

Property tax rate

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

Home insurance rate

Your home owner ‘s policy rate. 0.5 % for a $ 100,000 dwelling equals $ 500 per class for homeowner ‘s indemnity .

Report amortization

Choose how the report will display your payment agenda. per annum will summarize payments and balances by year. Monthly will show every payment for the entire term .

Cash on hand

Cash you have for the polish requital and all close costs .

Loan origination rate

The percentage the lend institution charges for its initiation fee. 1 % for a $ 100,000 home equals $ 1,000 .

Number of points paid

The total count 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 close costs for this loan. This should include file fees, appraiser fees and any other many-sided fees paid .

Limit down payment

Limit your devour payment to percentage required to eliminate the need for PMI payments. even if you have more cash on hand than required for close up costs, checking this box will limit your down requital to the minimal sum required to forego PMI .

Monthly car payment(s)

sum monthly payment for your car loanword ( sulfur ) .

Credit card payments

full monthly minimum payments for your credit cards .

Other loan payments

Any other installment loanword payments, such as student loans or unbarred loans .

Total closing costs

sum upfront costs to close your lend. This is the entire of your loan origin fee, points paid and other closing costs .

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 loanword balance each year. Monthly PMI is calculated by multiplying your starting lend remainder by this percentage and separate by 12. When the equity in your home exceeds the percentage required for PMI, your PMI requital drops to zero. Please notice that this is merely an estimate of your actual PMI. The measure you may be required to pay may be higher or lower than our estimate .

Monthly PI payment

monthly principal and interest payment .

Total for down payment

total funds remaining, after close costs, for polish payment .

Total annual income debt percentage

not shown. This is the percentage of your annual income your fiscal institution allows you to use for debt episode payments. This includes car payments, credit card payments, early lend payments and your principal, matter to, taxes and insurance payment for your base. The default rate is 36 % .

PITI annual income percentage

not shown. This is the share of your annual income your fiscal mental hospital allows you to use for your chief, interest, taxes and indemnity payment for your dwelling. The default rate is 28 % .

How do I use the mortgage qualifying calculator?

The mortgage qualifying calculator allows you to calculate the sum of mortgage you may qualify for in respective ways. To select how you ‘d like to calculate, select one of the options from the drop-downs on “ Calculate for. ” Your options are :

  • Total monthly payment: Calculates the total mortgage you may qualify for to hit a desired monthly payment.
  • Annual income: Calculates the total mortgage you may qualify for based on your yearly income.
  • Purchase price: Shows how much income you’d need to make to qualify for a mortgage at a specific purchase price.

How much income do I need to qualify for a home loan?

The answer to this doubt is subject on a few factors. The most meaning factors include loanword type, annual income, debts and credit rating score. Input these values into our mortgage qualifying calculator, and it will bring out the maximal buy price you may qualify for .

How much is the monthly mortgage payment can I qualify for?

Determining the monthly mortgage requital you qualify for is alike to calculating the utmost mortgage lend you can afford. All you have to do is enter the value of your annual income and the distance of your loanword on the mortgage qualifying calculator, and it will display the monthly requital you should expect .

Can I get a mortgage on $20k a year?

Yes, it ‘s possible to get a mortgage on 20k a year. Assuming a lend term of 30 years with an interest rate of 5 %, you may qualify for a home up to $ 74,066 and have a monthly payment of $ 467. head on over to our mortgage qualifying calculator to determine what those amounts will be with different pastime rates and lend terms .

How much mortgage can I get on $25k a year?

An income of 25 thousand dollars should leave you able to afford a family worth up to $ 80,000. That number could rise up to over a hundred thousand with an exsert loan term. Our mortgage qualifying calculator will give you a precise maximum mortgage respect for your desire loanword term .

How much mortgage can I get for $500 a month?

With a total monthly requital of $ 500 every calendar month for a loanword term of 20 years and an matter to rate of 4 %, you can get a mortgage worth $ 72,553. Of class, this value might vary slenderly, depending on the percentages of property tax and home policy .

What mortgage can I get with a $10k down payment?

The measure of the mortgage you can afford with a $ 10k down requital depends on the lender and loan type. Certain lend types, such as USDA and VA loans do not require a down payment .

Can I afford a $360k house?

To afford a mortgage loanword worth $ 360k, you would typically need to make an annual income of about $ 100k and be able to afford monthly payments worth $ 2,000 and upwards. For exercise, with a 30-year lend term, 5 % interest rate and 5 % down, you ‘d need an annual income exceeding $ 105,000 to afford the $ 2,478 monthly mortgage payment

How much mortgage can I afford with a joint income of $50k?

With an annual income of $ 50k, you will be eligible for a mortgage that is worth above $ 100,000 but below $ 250,000. Your total monthly payment will fall somewhere slenderly above a thousand dollars. Of course, the claim measure will vary depending on the loan term, pastime rate and lender. drumhead on over to our calculator to punch those numbers .

Who is the mortgage qualifying calculator for?

This calculator is most utilitarian if you :

  • Are a potential homeowner needing to know your budget constraints
  • Have decided on a new home but want to ensure you can afford it
  • Are looking to plan and budget for the future

If you ‘re ready to connect with a entrust lender and receive claim figures, fill out this short form here and request personalized pace quotes tailored to you. This will give you a better idea of what interest pace to expect and help gauge your ability to qualify for a mortgage .

What does the Mortgage Qualifying Calculator do?

This mortgage qualifying calculator takes all the identify data for a mortgage and lets you determine any of three things : 1 ) How much income you need to qualify for the mortgage, or 2 ) How much you can borrow, or 3 ) what your entire monthly requital will be for the loanword .
To do this, the calculator considers your mortgage rate, down payment, distance of the loanword, closing costs, place taxes, homeowners ‘ policy, points you want to pay and more. You do n’t need to input all information to receive a ballpark figure .
You can besides enter information about your stream debts, like your car payments, credit cards and other loans to figure out how those affect what you can afford. This mortgage Qualifying Calculator besides gives you a breakdown of what your monthly mortgage payments will be, shows how a lot you ‘ll pay in mortgage interest each month and over the life of the loan, and helps you figure how you might allocate your upfront cash on hand toward shutting costs.

On top of that, it besides lets you easily adjust any of the figures by using a sliding scale, making it simple to see how changing one or more affects the result, so you can identify where how reducing one thing or increasing another affects the final examination consequence.

This mortgage Qualifying Calculator besides summarizes all your data in a detail report, including an amortization table, for easy reference.

Using the Mortgage Qualifying Calculator

The Mortgage Qualifying Calculator is designed to be easy to use and largely self-explanatory. Just fill in the versatile fields with the information requested. Start by choosing if you want to base the calculation on your annual income, the purchase price of the home you ‘re looking at or the monthly payment you can afford. then work down the page entering your other information and the calculator will figure out the other two values for you and display them in grey .
For case :

  • Enter your annual income and the Mortgage Qualifying Calculator will determine the maximum purchase price you can afford and the associated monthly payment.
  • Enter the purchase price and the calculator will tell you the income you need and the monthly payment required. Or,
  • Enter the monthly payment you’re thinking of and the Mortgage Qualifying Calculator will tell you the income needed to qualify and the home purchase price that will cover.

then go down the rest of the page entering the data requested. Your answers will be displayed in gray at the top of the page. Click “ View report ” for a detail breakdown and an amortization report .

Step-by-step guide

still have questions ? here ‘s a bit-by-bit steer to lead you through it .

  1. Choose whether you want to calculate based on your annual income, or if you know your ideal price or monthly payment you can search by those instead.
  2. Choose the loan term; that is, how many years you’d like to have to repay the mortgage. Remember that shorter loans mean paying less in interest over the life of the loan, and usually a lower mortgage rate as well. But your monthly payments will be higher than on a longer loan.
  3. Add in the remaining details such as the interest rate you expect to get, property tax payments and homeowners’s insurance premiums. If you don’t know any of these, leave the default values as these are based upon market averages.
  4. Select the relevant button to get a breakdown of your costs either annually or monthly. This will be reflecting in your amortization table when you view your report.
  5. Continue for your down payment and closing costs. Not that the Mortgage Qualifying Calculator will assume that all of your cash on hand not going toward closing costs will be used for your down payment, unless you check the box to limit your down payment to no more than 20 percent of the purchase price.
  6. Enter your monthly payments for any auto loans, credit cards and other loan payments.
  7. Click the green Calculate button to jump back to the top of the tool, which will now be displaying the estimated value of the home you are able to purchase. Click View Report for a simple graph and explanation of how the calculator came to this conclusion.
  8. Whatever result you get, click Get FREE Quote to explore your options further.

I’m not sure what my interest rate will be. What should I do?

fortunately, you do n’t have to have a specific mortgage rate in mind to use the mortgage Qualifying Calculator. You can choose an approximate pace, enter the rest of your information, then use the sliding tool to see how a higher or lower rate will affect your results. That includes changing your amortization table and the concern paid over the life of the lend. You can adjust other values as well to see what effect a different figure there would have .

I don’t know what to enter for property taxes or homeowners’ insurance.

You can leave these and most early boxes blank if you do n’t know what those costs might be, and the Mortgage Qualifying Calculator will generate an answer without them. The lapp for the inputs under Down Payment and Closing Costs, and Total Monthly Debt Payments. But your results will be more accurate and utilitarian if you can provide these figures .

The Mortgage Qualifying Calculator says I can’t afford my dream home. What can I do?

It can be disappoint to learn that the home you have set your center on is out of fiscal achieve, but don ’ t give up hope ! It may be that you can reach your goal by adjusting some of your other constraints. possibly you can save for a little longer in order to amass a larger devour payment, or wait until your credit rating calling card and loans are paid off .
These humble but significant changes could make all the remainder and enable you to get the mortgage you require. If the down payment is causing you an issue, you might consider an FHA lend, which offers competitive rates while requiring lone 3.5 percentage down, even for borrowers with imperfect credit rating.

My result shows I can afford my new home. What should I do next?

First of all, congratulations ! You are now one step closer to owning the home you desire. The adjacent dance step is to reach out to our team of ace mortgage lenders and get started on securing yourself the perfect cover .
Click Get FREE Quote, and answer a few simple questions about yourself and the loanword you are seeking to obtain personalize rate quotes from lenders doing business in your area. This service is wholly FREE of mission and makes it comfortable to comparison shop class for your best deal on a dwelling lend. Take your future step nowadays – it couldn ’ thyroxine be simpler !

Other Mortgage and Financial Calculators

In addition to the criterion mortgage calculator, this page lets you access more than 100 other fiscal calculators covering a broad variety show of situations. Choose from calculators covering versatile aspects of mortgages, car loans, investments, scholar loans, taxes, retirement design and more .

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Category : Finance

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