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Pre-qualification Calculator


The salary used to qualify for a mortgage should meet the following criteria

1.    The sum of the monthly mortgage and monthly tax payments can be no greater than 28% of your monthly salary.

2.-    the sum of the monthly mortgage, monthly tax and other monthly debt payments can be no greater than 36% of your monthly salary.

These are general guidelines. Different lenders have different criteria and different programs. These numbers can vary depending the loan program for which you may qualify.

 

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Desired 
Mortgage
Mortgage Amount
Years of
Mortgage
Mortgage term in years
Yearly 
Mortgage Rate (%)
Interest Percentage of Mortgage
Yearly Property
Taxes
Property Taxes on your new Home
Other Debt. Other Yearly Debt 
(School, Car, ...)
 
  Summary  
Mortgage 
Payments
Total 
Payments
Required 
Salary
 
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