Maximum Mortgage

What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.

This Financial Calculator requires SUN's Java Plug-in. If you see this message you will need to download SUN's Java Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing Install ActiveX Control.

Get the Java Plug-in!

For more information about this Plug-in please visit: SUN's Java Plug-in
For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

Monthly income

Total monthly income from all sources. All income should be entered before taxes.

Monthly housing expenses

Your monthly housing expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment.

Monthly liabilities

Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI.

Monthly housing payment (PITI)

This is your total Principal, Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:

Monthly Income X 28% = monthly PITI
Monthly Income X 36% - Other loan payments = monthly PITI

Maximum principal and interest (PI)

This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.

Start interest rates at

The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount.

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.

Allied Home Mortgage Capital Corp 16218 Pacific Ave S. Suite B3 Spanaway, WA 98387
Phone: (253) 536-LOAN; ext.304 Toll Free Phone: (866) 350-6140 Fax: (253) 536-7375 E-mail: gary@cme4loans.com