HOW MUCH MORTGAGE CAN I AFFORD?

How Much Can I Borrow?

To calculate the amount that you may qualify for to borrow, most lenders use a formula called the debt-to-income ratio.

An example of this may be a mortgage company may tell you that your MORTGAGE PAYMENT may not exceed more than 28 percent of your monthly income, and that your total monthly DEBT PAYMENTS, including the your mortgage payment, may not exceed 36 percent of your monthly income.

To begin the process of buying a home, you need to first determine the maximum amount you could qualify for a mortgage. To help you do this use the calculators below as this may help you decide whether you should be considering an upgrade to a larger home, renting a property versus buying or perhaps just refinancing.

Fill in the information requested below and click "Calculate Now".

To view the results of each calculation, click on the various tabs.

Click the "Receive this Detailed Analysis" link and a copy of the results will be emailed to you..

Required

Required Must be a number between 1 and 50
Term In Years:
Required Must be a number between 1 and 100
Interest Rate:	%
Required
Cost of Home:	$
Required Cannot be more than Cost of Home
Down Payment:	$
Required
Annual Insurance:	$
Estimate Insurance to 0.43%of Cost
Required
Annual Property Tax:	$
Estimate Tax to 1.2%of Cost
Monthly Income:	$ Required
Monthly Debt:	$ Required

Optional

Gross Debt Service Ratio (GDS):
Total Debt Service Ratio (TDS):
Condos Fees:	$

Results

Receive this Detailed Analysis

Mortgage
Qualification
Affordability
Rent vs Buy

Your Monthly Payments

Loan Amount:
Loan Insurance ( %):
Total Loan(Mortgage) Amount:

Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:

Income Needed to Qualify for the Mortgage

Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:

What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:

Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate)

Monthly Rent:	$ RequiredMust be a positive number	No. of Years you plan on keeping the home:	RequiredInvalid
Annual Rental Increases:	% RequiredInvalid	Yearly Appreciation on the Home:	% RequiredInvalid
Monthly Renter Insurance:	$ RequiredInvalid	Annual Home Maintenance:	% RequiredInvalid
Savings or Investment Rate:	% RequiredInvalid