| Calculators : Monthly
Payment |
| The Monthly Payment Calculator will
calculate the household income required to qualify for a
mortgage under a specific set of circumstances. You
provide the amount financed, the number of years to
finance, the interest rate, property taxes, and your
current debt load, and the estimator will return the
monthly mortgage payment, your total monthly debt
payments, and the annual household income that most
lenders would require to approve the mortgage loan.
The calculations in this estimator are based on
current requirements for a fixed rate conventional loan
with a 5% down payment.
Mortgage Ratio : monthly
household income must be greater than 28% of the sum of
the monthly mortgage payments and monthly tax payments.
Debt Ratio : monthly
household income must be greater than 36% of the sum of
the mortgage, tax and other debt payments.
This estimator is believed to be accurate
but is only intended to generate approximate results.
Rates vary or may change and exceptions are made by
lenders in specific instances.
|
| Mortgage
Amount |
|
Balance to be financed after
down payment. |
| Mortgage
Term |
|
Number of years over which
mortgage payments are scheduled. |
| Mortgage
Interest Rate |
|
Mortgage Interest Rate
Percentage. For example, 7.00 |
| Annual
Property Taxes |
|
Assessed Value or Sales Price
x Property Tax Rate |
| Other Annual Debt |
|
Including non-home loans -
Total Monthly Payments x 12
Excluding utilities,
insurance or household expenses, etc. |
| Monthly Insurance |
|
Monthly Insurance. |
|
|
| Monthly Mortgage Payment = |
|
| Full
Monthly Payment (PITI) = |
|
| Required Annual Household
Income = |
|
| Full Mortgage Payment + Other Monthly Debt = |
|