Enter your information into fields below and click "Compute" to learn what your monthly housing payment might be based on your income and monthly financial obligations.
Your salary must meet the following two conditions:
- Your total housing payment (including taxes and insurance) should be no more than 32 percent of your gross (pre-taxes) monthly income.
- The sum of your total housing payment (including taxes and insurance) and other monthly debts should be no more than 41 percent of your gross (pre-taxes) monthly income.
DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. If you invest less than 20 percent down payment in your new home, a monthly mortgage insurance payment will be required, which may increase your total mortgage payment. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. Other loan programs are available including FHA, VA and USDA.
Depending on the loan type and down payment amount, mortgage insurance may be required which would increase your total mortgage payment.