Use this calculator to determine the maximum loan
amount for which you qualify, based on standard lender
rules. Before you use this calculator for the first
time, please read the instructions below.
Mortgage
Qualification Calculator
Income
Income
Period
Savings
Monthly
debt payments
Interest
rate
Instructions
If more than one person will be signing for the loan,
total the income, savings, and monthly debts of all
would-be borrowers. You may add up your income on a
monthly, annual, weekly, or hourly basis.
1. Fill in your income (gross income, not take-home
pay), savings, and total monthly debts. Do not use
commas. The calculator will interpret 10,000 as $10.
2. Select an income period. If you typed in your
annual income, select annual. If you typed in your
monthly income, select monthly., etc.
3. Savings includes all of the money that will be
available to cover closing costs and make your down
payment. It can include gifts from relatives, for
example.
4. Monthly debt payments include payments for student
loans, car loans, mandatory child support and credit
card payments. However, do not count a credit card
payment if you simply pay off your balance each month
without owing interest. Your current housing expenses
(rent or mortgage payment) should not be included
as debt here.
5. For the interest rate, you may either accept the
default value or type in your own value. However, the
calculator will not produce reliable results if you use
a rate on a 15-year loan or on a one-year ARM. The
default is based on the current 30-year fixed rate with
one point.
6. When you get to the results screen, there are
options to over-ride some of the parameters and
recalculate. This includes the minimum required down
payment percentage and other parameters that are not
user-specified on this first screen.
Disclaimer
This is a calculation tool, not an offer to lend.
Interest rates shown are for demonstration purposes
only. Actual market interest rates may vary.
