With the help of this ACalculator, you are able to make out the maximum amount you can receive from a mortgage loan. Accumulating all your monthly income, monthly liabilities, and monthly housing expenses, this calculator will put in the actual picture of your optimum ability to pay principal and interests.
Your before tax monthly income.
Monthly housing expenses
Total amount of monthly housing expenses including real estate taxes, hazard insurance, mortgage insurance, and association dues or fees.
Your monthly liability arising from all types of loans and credits.
Monthly housing payment (PITI)
Monthly housing payment comprising of Principal & Interest, all kind of Taxes, and all type of Insurances (PITI). Following are two ways to calculate monthly PITI payment. The lower one will be applicable for you.Monthly PITI payment = Monthly Income X .28Monthly PITI payment = Monthly Income X .36 – Other loan payments
Maximum principal and interest (PI)
Maximum amount of principal and interest you are able to pay every month after paying the taxes and insurance premiums.
Start interest rates at
Rate of interest that could be received currently on the mortgage.
Term in years
The term length (in year) to completely repay the loan.