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Tuesday - September 7, 2010

Phone 661.702.1940 | E-mail

Mortgage Calculator

INSTRUCTIONS
This estimator will calculate the household income required to qualify for a mortgage. You provide the amount financed, the number of years to finance, the interest rate, property taxes, and your current debt load, and the estimator will return the monthly mortgage payment, your total monthly debt payments, and the annual household income that most lenders would require to approve the mortgage loan.

Enter numbers only. Do not enter "$", "," or "%" characters.
(For example: For a $100,000 home, enter 100000)


Mortgage Amount
	Balance to be financed after down payment
Mortgage Term in years
	Number of years over which mortgage payments are scheduled
Mortgage Interest Rate (%)
	Mortgage Interest Rate Percentage - Currently about 7.50 (%) for excellent credit history
Yearly Property Taxes
	Available from your real estate agent or the County Tax Assessor
Other Debt
	Other Monthly DEBT (Auto, Charge Cards, Bank Loan ...) DO NOT include: utilities, insurance premiums or average expense for food, clothing, etc.
Total Debt Ratio
	Total DEBT Ratio % (see below)
Mortgage Ratio
	Total MORTGAGE Ratio % (see below)


Calculated Results:
Estimated Monthly Payment:	$
Estimated Total Monthly Expenses with Mortgage:	$
Needed Annual Household Income to Qualify:	$

DEFINITIONS
Mortgage Ratio : for many lenders the sum of the monthly mortgage payments and monthly tax payments must be less than 28% of the monthly household income. But it does vary from lender to lender.

Debt Ratio : for many lenders the sum of the mortgage, tax and other debt payments must be less than 36% of the monthly household income. But it does vary from lender to lender. Sometimes as high as 50%.

DISCLAIMER
This estimator is believed to be accurate but is only intended to generate approximate results. Rates vary or may change and exceptions are made by lenders in specific instances.

Note on Privacy :
This estimator is written in JavaScript. All calculations are performed locally by your computer's processor. No part of the results of this page are transmitted beyond your computer.
If this estimator does not function for you it may be that you have disabled JavaScript in your browsers preferences.