Mortgage Qualifier Calculator
Use our mortgage affordability calculator
below to find out how much house you can afford!
Things to consider when deciding how much you can afford.
There are several factors that go into the calculation. Here are the main ones:
FICO Score – 740 or better is considered excellent credit. Having said that we can work with a credit score as low as 580.
DTI – Debt to income. Generally speaking, your mortgage should not exceed 28% of your pre-tax income.
For example, if you earn $5,000 per month, your max mortgage should no more than $1,400
Your other debts should be in the neighborhood of $400 totaling $1,800 which is 36% DTI
You can go higher in your DTI but you should always try to have your bills paid with enough left over to have no financial stress and be able to enjoy life.
LTV – Loan to Value. For example, a $75,000 loan against a $100,000 value is a 75 LTV which is the highest you should to get the best rates.
Go ahead and plug some numbers into our affordability calculator to see how much house you may be able to buy. The affordability calculator is not a guarantee that you will qualify for a certain amount, it’s just a guide to give you a good idea of how much of a mortgage you may be able to get.
Click the “Purchase Start Here” button to get a FREE NO-OBLIGATION quote. We will NOT pull your credit until we get further in the process. For now, we will go by what you tell us your score is. Are your bills paid on time? You probably have excellent credit.