Mortgage Calculator

Want to see what priced-house you can afford? Use the following mortgage calculator to get an estimate of how much your mortgage might be.

What Can I Afford?

When applying for a conventional mortgage, lenders have established guidelines they must follow in order to qualify you for a mortgage loan. These guidelines are referred to as a 28/36% income to debt ratio. This means that you will be allowed to spend up to 28% of your gross monthly income for a total house payment (including principal, interest, taxes, and insurance, PITI).

In addition your total long term debt cannot exceed 36% of your gross monthly income. The 36% includes your mortgage payment. Long term debt to a lender is any debt requiring 10 months or more to pay off.

With different programs, higher ratios may be acceptable. For example, with 20% more down payment, you may have 33/38% income to debt ratios.

For further information or questions please contact us.