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Mortgage Info > Mortgage Calculators > Mortgage  Loan Pre-Qualification Calculator 

Mortgage Qualification Calculator

Mortgage Loan Qualification Calculator - Love a property but don't know if you can qualify for a mortgage to purchase it? Use this mortgage qualification calculator* to estimate the maximum amount of mortgage financing you qualify with up to three different mortgage loans simultaneously based on qualification guidelines. This qualification calculator provides you with your maximum mortgage qualification criteria based on your income, monthly debt and and available down payment. Note: your loan qualifications may be affected by your credit rating.

Mortgage Qualification Calculator Maximum Mortgage Prequalification Calculator Instructions

Step 1: Enter Sales Price of Property
Step 2: Enter Your Income
Step 3: Enter Your Monthly Liabilities
Step 4: Enter Your Cash Assets
Step 5: Select up to 3 different mortgage rates and programs and  Click Button:
Step 6: "Calculate My Maximum Mortgage Qualification Amounts to Purchase a Property"

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Maximum Mortgage Pre-Qualification Calculator  ///

Step 1: Sales Price of Property
Sales Price $  
Step 2: Income ///
Enter the total "Gross" monthly income for each borrower. "Gross" is before "taxes" are taken out. If more than two borrowers you can combine the income amounts into a single box.
Borrower Co-Borrower
Monthly Income    
Step 3: Monthly Bills ///
Enter the total of the "Minimum" monthly payments as indicated on your statements for each type of liabilty indicated below. Do not include rent or utilities. Please be as accurate as possible as this will dramatically affect the amount of mortgage financing you will qualify for.
Auto Loan(s)  
Credit Card(s)  
Student Loan(s)  
Personal Loan(s)  
401 K / Retirement Account Loan(s)  
Other Loan(s)  
Other Legal Liabilities - these may or may not be reported on your credit report but must be used during loan qualifying.
Alimony / Palimony  
Child Support  
Liens / Judgement   
Step 4: Funds Available ///
Enter the total amounts of money available. You may elect to use all or part of the monies indicated. If you are selling a home, you may enter your estimated "net" proceeds for the sale..
Checking / Savings  
Selling a home? Net Proceeds from sale.  
401K / Retirement Accounts   
Step 5: Select Mortgage Interest Rates for Each Loan Program ///
Select the estimated current mortgage loan rate you will be able to obtain. (Note: if using an adjustable rate mortgage, you must qualify at the fully indexed rate, which will be approximately the same as a 30 year fixed in most cases).
Mortgage Amortization
Interest Rate  
 

Loan Qualification Summary ///
Summary of the information you provided used for loan qualification purposes.
Total Income:  Total Liabilities:
Funds Available: Income to Debt: %
 Loan Qualifying Results with up to Three Different Mortgages Side by Side ///
View detailed results of your loan qualifications with the three mortgage programs you selected. Items in "RED" indicate a shortage amount in "cash to close".
Your Detailed Loan Qualification Results based on Selected Mortgage Loans ///
Review results of the three different types of mortgage terms and rates used for mortgage qualifying. Qualification calculator assumes maximum loan qualifications based on your income, liabilities and available funds to close.  Note: in some cases you may qualify for a loan amount larger than the sales price which means you can purchase a more expensive property if desired. This is for informational purposes only and you should consult with one of our local mortgage professionals to get a formal loan pre-qualification.
Loan Programs
Mortgage Rate     %   %    %
Sales Price
Maximum Loan Amount based on Your Income Qualifications
Min. Down Payment Req.
Loan to Value % %   %
Mortgage Payment (P.I. only)
Property Taxes
Homeowners Insurance
Private Mortgage Insurance (PMI), if LTV over 80%
Mortgage Payment (P.I.T.I)
Front-End Ratio % % %
Back-End Ratio % % %
Total Funds Available
Min. Down Payment Required
Estimated Closing Costs
(Estimated at 3.125% total***)
Estimated Total Funds Required for Closing
Funds / Monies After Close 
(Red = $ amount shortage)
Suggested Minimum Cash Reserves After Closing

View Current Mortgage Interest Rates as may rates will affect your Mortgage Qualification Amount. Re-calculate based on interest rates today for accurate mortgage qualifications results.

Property Tax and Homeowners Insurance Assumptions**
We have used a generic estimate for these calculation but you may refine the estimate by selecting approximate property tax and insurance rates in your area.  Annually Monthly
Property Taxes based on per year.
Homeowners Insurance  per year.
Loan Qualifying Calculator Disclosure* - The information provided on or through this site is for purposes of general consumer education only and is not intended as a substitute for advice from a qualified professional, such as, but not limited to, a lawyer, mortgage broker, accountant, investment advisor, insurance broker, financial planner, real estate agent or home inspector. We can not and do not guarantee the accuracy or the applicability of this information to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance and real estate issues.
     
Estimate Monthly Taxes & Insurance** - This is an estimated amount of the property taxes, homeowners insurance and possible private mortgage insurance. This may vary from area to area. Property taxes estimated at 1.25% per year. Homeowners insurance estimated at .0035% per year and PMI estimated at following rates: 95.01-100% LTV = 1.03% , 90-95% LTV = .875%, 85-90% LTV = .625%, 80-85% LTV = .375%.

Estimated Closing Costs*** - This is an estimate of the closing costs associated with obtaining a mortgage loan. Includes points, loan origination fees, title, escrow / attorney and misc. other fee's typically associated with a loan in California. Fee's may be higher or lower dependant on your area and loan qualifications.
 

 

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