The Best Mortgage Calculators On the Web! Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... How Much Should Your Income Be?
What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.
Definitions
- Desired mortgage amount
- The total loan amount you are looking to qualify for.
- Monthly housing expenses
- Your monthly houses expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment.
- Monthly liabilities
- Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI.
- Monthly housing payment (PITI)
- This is your total Principal, Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:
- Monthly Income X 28% = monthly PITI
- Monthly Income X 36% - Other loan payments = monthly PITI
- Maximum principal and interest (PI)
- This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.
- Start interest rates at
- The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount.
- Term in years
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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First Time Buyers >Too Many Experts
It can be difficult to make an informed homebuying decision when confronted by advice from too many "experts." If you have just found the house you want to buy, you are probably feeling completely thrilled and confused at the same time. You trust the agent who helped you and feel that the advice you received is solid. But you also want to get opinions about the house from your best friend, your parents, and your Uncle Chuck, who has an inactive real estate license.
If you get input from too many sources, you could find yourself even more confused than you already are. Your best friend can provide moral support, but might not know the market in your area. Your parents may go into shock because they feel that they got so much more house for their money 30 years ago--and it cost them a fraction of the price you are going to pay.
Even though Uncle Chuck passed the real estate exam, his insights won't be as relevant as those of a professional who is currently working the market. It's not that you shouldn't consult your family and friends--just don't go overboard. Rely on the advice of professionals you trust--a structural inspector, loan officer, and a good real estate agent, so that you can feel comfortable about having made an informed decision.
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NUMBER1EXPERT™
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