How Much Can I Borrow?
Estimate the maximum (P+I) you can borrow.
Monthly Income
Salary/Wages
Other Income
Monthly Housing Expenses
Property Taxes
Hazard Insurance
Other Monthly Expenses
Auto Payment
Credit Cards and Other Payments
Loan Term and Interest Rate
Loan Term Years
Interest Rate %
    
Results
Estimated maximum monthly mortgage payment (P+I) 
Estimated maximum loan amount 

 

This Calculator is based on the lesser of the Mortgage Ratio or Debt Ratio. 

Mortgage Ratio : Based on the sum of principal, interest, insurance, and property tax at 28% of the monthly household income. This percentage does vary from lender to lender. This percentage may also vary with the amount of your down payment.

Debt Ratio : Based on the sum of mortgage, tax and other debt payments at 36% of the monthly household income. This does vary from lender to lender. 

 
DISCLAIMER: The calculations above are based upon conventional loan program guidelines. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. 

Note: If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required.

Updated: 09/11/2006       Disclaimer:  All information contained in this site is deemed reliable but is not guaranteed and should be independently verified