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How much can you afford?

This pre-qualification calculator estimates the monthly mortgage payment you may afford based on 2 of the industry standards: "house to expense" ratio and "debt to income" ratio.

To estimate what you may qualify for, enter the following information and select calculate

Income
Estimated gross income

$    		   What to include:
  • Salary
  • Commissions
  • Bonuses
  • Child Support

Monthly Debt

Minimum required monthly debt

$

(Note: do not include your mortgage payment):
    What to include:
  • Credit Card - minimum payment
  • Loans - student and car loans
  • Alimony

Cash Available

Available for down payment
and closing fees:

$		    What to include:
  • Savings and checking account
  • Proceeds from sale of current home
  • Gift money

 

Loan Information

Loan interest rate:
(Note: Choose any rate)
%  

The "house to expense" ratio compares your monthly mortgage payment, insurance and taxes to your monthly gross income. This ratio should not exceed 29% of your gross monthly income.

The "debt to expense" ratio compares your monthly mortgage payment and other required debts to your monthly gross income. This ratio should not exceed 41% of your monthly gross income.

Revised: May 11, 2000