| Calculators >> Mortgage
Qualifier
The first step in buying a house is determining your budget.
This calculator steps you through the process of finding
out how much you can borrow. Fill in the entry fields and
click on the "View Report" button to see a complete amortization
schedule of your mortgage payments.
Definitions
- Annual income
- Your annual income before taxes. For married
couples this is your total combined annual income
before taxes.
- Purchase price
- The price of the home
you wish to purchase. This
is the actual price you'll
pay, not including any
closing costs.
- 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.
- Cash
on
hand
- Cash
you
have
for
the
down
payment
and
all
closing
costs.
- Interest
rate
- The
current
annual
interest
rate
you
can
receive
on
your
mortgage.
- Term
in
years
- The
number
of
years
over
which
you
will
repay
this
loan.
The
most
common
mortgage
terms
are
15
years
and
30
years.
- Property
tax
rate
- Your
property
tax
rate.
1%
for
a
$100,000
home
equals
$1,000
per
year
in
property
taxes.
- Home
insurance
rate
- Your
homeowner's
insurance
rate.
0.5%
for
a
$100,000
home
equals
$500
per
year
for
homeowner's
insurance.
- Monthly
car
payment(s)
- Total
monthly
payment
for
your
car
loan(s).
- Credit
card
payments
- Total
monthly
minimum
payments
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