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Mortgage Qualification Calculator 

 
 

To figure out if you can afford a new home or not, complete this calculator.  It is a quick way to determine your total financial circumstances and outlook. Both your mortgage company and your lender will use these mortgage ratios to determine both your income and your debt. This calculator calculates three ratios called the Housing Ratio , the Loan-to-Value (LTV) Ratio , and the Debt Ratio .

Instructions:
Note, all fields are required, enter zero (0) for items which do not apply.

Mortgage Equity Calculator
  Your Values
Number of Payments (360=30yrs, 180=15yrs)
Interest Rate
Purchase Price
Amount of Mortgage
GROSS Monthly Income (combine if married)
Real Estate Taxes (1 month)
Homeowner's Insurance (1 month)
Mortgage Insurance
Association Dues
Car Payments (loan and/or lease)
Alimony/Child Support
Credit Card Payments
Other Loan Payments

 

Output Results
Monthly Payment Monthly
Housing Expense		 Monthly Bills LTV-Ratio Housing Ratio Debt Ratio
$ $ $ % % %
 

 

In the general terms, banks look at the ratios in this way. These are averages only, each bank may differ on the exact ratio's they use to qualify a mortgage.

LTV (Loan to Value): 80% or less, good. 81% or higher and generally you must have mortgage (PMI) Insurance.

Housing Ratio: 28% = conventional mortgage / 29% to 31% =  FHA mortgage / 32%+ = sub prime mortgage (higher rate)

Debt Ratio: 38% = Conventional mortgage / 39% to 41% = FHA mortgage / 42%+ sub prime mortgage (higher rate

 

 

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Copyright © 2000-2009 Derrick Winke
Last modified: January 02, 2009