Mortgage Affordability Calculator

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Mortgage Affordability Calculator...

1. Desired Loan Amount:

2. Mortgage Term:
Years

3. Interest Rate: %

4. Annual Property Taxes:

5. Total Monthly Payments in Non-Mortgage Debt (car payments, credit cards, etc).

Monthly Principal + Interest

Total Housing Payment (tax & insurance included)

Required Salary

IMPORTANT NOTE: This calculator assumes that you are utilizing the services of a Mortgage Broker and not a a National Bank. The difference is that most National Banks have the following guidelines:

Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
Your gross (pre-taxes) monthly salary must be greater than 36% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.
Mortgage Brokers use the services of Lenders that allow you to borrow up to (and beyond) 40% of your gross income (instead of just 36%).

Furthermore, the calculations above are based upon conventional program guidelines. Other loan programs are available such as Stated Income Loans, No Income No Asset Loans and so on. We highly recommend using a respected Mortgage Brokerage to ensure that all of these programs are available to help you qualify for your new home.

If you would like to have a loan professional review your information in order to provide an accurate prequalification please CLICK HERE

© 2005 Real Estate Excellence

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