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When thinking about buying a home, some of the big questions are: How much can I afford? Can I afford the home I'm interested in? What will my mortgage payments be if I buy this home? This Mortgage Qualifying Calculator can give you the answers to all three.
The answer to this question is dependent on a few factors. The most notable of the factors is your annual income and the loan term. Input these values into our mortgage qualifying calculator, and it will bring out the maximum purchase price you can qualify for.
Our mortgage qualifying calculator was designed to help you determine how much you can borrow, how much income you need to qualify for your desired mortgage, and what your total monthly payment will be for the loan. The calculator uses information such as your mortgage rate, down payment, loan term, closing costs, property taxes, as well as homeowners’ insurance.
Determining the monthly mortgage payment that you qualify for is similar to determining the maximum mortgage loan you can afford. All you have to do is enter the value of your annual income and the length of your loan on the mortgage qualifying calculator, and it will display the monthly payment you should expect.
Yes, it is absolutely possible for you to get a mortgage on 20k a year. Assuming a loan term of 20 years with an interest rate of 4.5%, you would qualify for a mortgage that is worth $66,396, and a monthly payment of $467. Head on over to our mortgage qualifying calculator to find out what those amounts will be with different interest rates and loan terms.
With a total monthly payment of $500 every month for a loan term of 20 years and an interest rate of 4%, you can get a mortgage worth $72,553. Of course, this value might vary slightly, depending on the percentages of property tax and home insurance.
The amount of the mortgage you can afford with a $10k deposit depends on the percentage deposit that is required by the lenders. If they require you to deposit at least 10%, then you can afford a mortgage that is up to $100k. If that percentage is at 5%, you can get a loan of up to $200k.
To be able to afford a mortgage loan 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 example, with a 30-year loan term and a 4% interest rate, you would need an annual income of $97,934 and a total monthly payment of $2,285.
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 slightly above a thousand dollars. Of course, the exact value will vary depending on the loan term and interest rates. Head on over to our calculator to punch those numbers.
An income of 25 thousand dollars should leave you able to afford a house worth up to $80,000. That number could rise up to over a hundred thousand with an extended loan term. Our mortgage qualifying calculator will give you a precise maximum mortgage value for your desired loan term.
Our calculator is exactly what you need if you’re looking to figure out your budget constraints while you find a new home, or if you have found a new home and you want to be sure if you can afford it. It is also a very useful tool if you are just looking to plan and budget for the future.
This Mortgage Qualifying Calculator takes all the key information for a you're considering 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 total monthly payment will be for the loan.
To do this, the calculator takes into account your mortgage rate, down payment, length of the loan, closing costs, property taxes, homeowners' insurance, points you want to pay and more. Or, if you don't want to go into that much detail, you can omit some of those to get a ballpark figure for the loan you're considering.
You can also enter information about your current debts, like your car payments, credit cards and other loans to figure out how those affect what you can afford. This Mortgage Qualifying Calculator also gives you a breakdown of what your monthly mortgage payments will be, shows how much 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 closing costs.
On top of that, it also 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 result.
This Mortgage Qualifying Caculator also summarizes all your information in a detailed report, including an amortization table, for easy reference.
This calculator is most useful if you:
Once you're entered your information and obtained your results, you can use the Get FREE Quote box at right to request personalized rate quotes tailored to you from mortgage lenders. This will give you a better idea of what interest rate to expect and help gage your ability to qualify for a mortgage.
The Mortgage Qualifying Calculator is designed to be easy to use and largely self-explanatory. Just fill in the various 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 gray.
Then go down the rest of the page entering the information requested. Your answers will be displayed in gray at the top of the page. Click "View report" for a detailed breakdown and an amortization report.
Still have questions? Here's a step-by-step guide to lead you through the it.
Fortunately, you don't have to have a specific mortgage rate in mind to use the Mortgage Qualifying Calculator. You can choose an approximate rate, 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 interest paid over the life of the loan. You can adjust other values as well to see what effect a different figure there would have.
You can leave these and most other boxes blank if you don't know what those costs might be, and the Mortgage Qualifying Calculator will generate an answer without them. The same for the inputs under Down Payment and Closing Costs, and Total Monthly Debt Payments. But your results will be more accurate and useful if you can provide these figures.
It can be disappointing to learn that the home you have set your heart on is out of financial reach, but don’t give up hope! It may be that you can reach your goal by adjusting some of your other constraints. Perhaps you can save for a little longer in order to amass a larger down payment, or wait until your credit card and loans are paid off.
These small but significant changes could make all the difference and enable you to get the mortgage you require. If the down payment is causing you an issue, you might consider an FHA loan, which offers competitive rates while requiring only 3.5 percent down, even for borrowers with imperfect credit.
First of all, congratulations! You are now one step closer to owning the home you desire. The next step is to reach out to our team of top-notch mortgage lenders and get started on securing yourself the perfect deal.
Click Get FREE Quote, answer a few simple questions about yourself and the loan you are seeking to obtain personalized rate quotes from lenders doing business in your area. This service is totally FREE of charge and makes it easy to comparison shop for your best deal on a home loan. Take your next step today - it couldn’t be simpler!