Mortgage Qualifier

This calculator takes all the key information for the loan you are considering and allows you to determine how much income you need to qualify for the mortgage and what your total monthly payment will be for the loan. To do this the calculator takes into account your mortgage rate, down payment, length of the loan, closing costs, property taxes, homeowners' insurance, points you want to pay and more. You can also enter information about your current outgoing expenses, such as your car payments, credit cards and other loans to determine how they will affect the mortgage that you can afford. This calculator also gives you a breakdown of what your monthly mortgage payments will be, shows how much you will pay in mortgage interest each month and over the life of the loan. It also helps you determine how you might allocate your upfront cash-in-hand towards any closing costs. The calculator also lets you easily adjust any of the figures by using a sliding scale, making it simple to see how changing these figures affects the result, so you can identify where reducing one thing or increasing another affects the final result.

One of the first questions any prospective homeowner must ask themselves is "What size of mortgage can I afford?" Answering this question is a crucial step that should be taken even before browsing for a home online. By knowing what size mortgage you can afford, you will begin your house hunting process with realistic options, preventing yourself from falling in love with a home you can't afford. As important as this question is, it isn't always easy to gauge. That is where this home affordability calculator comes in. Between the down payment, the monthly payments, the mortgage term, and interest rate there's a lot to consider, but this calculator makes it easy. Use this calculator to determine what size of mortgage you can afford which will bring you one step closer to becoming a homeowner.

Loan Data

Basic reqiurement



Closing Costs

Debt Payments

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Current version for Android devices - 1.2.1
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  Related Mortgage Terms
Annual income Annual income is the total income earned over one year before taxes, also referred to as gross annual income. This includes salary, bonuses, commissions, tips, second jobs, part-time income, child support, alimony and more for the borrower only, not including other members of the household.
Total monthly payment Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and insurance paid each month, often called PITI.
Term The time frame when a loan line of credit must be repaid. The most common mortgage terms are 15 years and 30 years.
Interest rate The cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount.
Closing Costs Closing costs are fees associated with your home purchase that are paid at the closing of a real estate transaction. Closing is the point in time when the title of the property is transferred from the seller to the buyer. Closing costs are incurred by either the buyer or seller.
Origination fee An origination fee is an upfront fee charged by a lender for processing a new loan application, used as compensation for putting the loan in place.
Discount points Discount points are prepaid interest. The purchase of each point generally lowers the interest rate on your mortgage by up to 0.25%. Most lenders provide the opportunity to purchase anywhere from one to three discount points.
Other costs Any other fees that should be included in the APR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest.
Monthly car payment Total monthly payment for your car loan.
Monthly card payment Total monthly minimum payments for your credit cards.
Other loan payment Any other loan payments, such as student loans or unsecured loans.
Cash on hands Cash you have for the down payment and all closing costs.
Property tax Property tax is a real estate ad-valorem tax, calculated by a local government, which is paid by the owner of the property. The tax is usually based on the value of the owned property.
Home insurance Home insurance is a form of property insurance that covers losses and damages to an individual's house.
Monthly PI This is a monthly mortgage payment that only includes the loan principal and interest,
PMI Also known as "Primary Mortgage Insurance", PMI is the lenders' protection in the event that you default on your primary mortgage and the home ends up going into foreclosure.
Total Total of all monthly payments over the full term of the mortgage.
Interest Total of all interest paid over the full term of the mortgage.