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Mortgage
Qualification Calculator
If more than one person will be signing for
the loan, total the income, savings, and monthly debts of all would-be
borrowers. You may add up your income on a monthly, annual, weekly, or
hourly basis.
1. Fill in your income (gross income,
not take-home pay), savings, and total monthly debts. Do not use commas.
The calculator will interpret 10,000 as $10.
2. Select an income period. If you
typed in your annual income, select annual. If you typed in your monthly
income, select monthly., etc.
3. Savings includes all of the money
that will be available to cover closing costs and make your down payment.
It can include gifts from relatives, for example.
4. Monthly debt payments include
payments for student loans, car loans, mandatory child support and credit
card payments. However, do not count a credit card payment if you simply
pay off your balance each month without owing interest. Your current housing
expenses (rent or mortgage payment) should not be included as debt
here.
5. For the interest rate, you may either
accept the default value or type in your own value. However, the calculator
will not produce reliable results if you use a rate on a 15-year loan or
on a one-year ARM.
The default interest rate
is used to illustrate proper input format. This is not an offer to lend.
6. When you get to the results screen,
there are options to over-ride some of the parameters and recalculate.
This includes the minimum required down payment percentage and other parameters
that are not user-specified on this first screen.
Disclaimer
Other information about this calculator can
be found at About
Prequalification. |
