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What's Your 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.
Definitions
- Monthly income
- Total monthly income from all sources. All income should be entered before taxes.
- Monthly housing expenses
- Your monthly houses 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.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Real Estate Tips
Curb Appeal >Landscaping Your Home
Many buyers call a realestate office for information on a home after reading an appealing description of the property, or seeing a photograph of the exterior of the home on the real estates website. The exterior of your house and your yard will create the first impression for prospective buyers when they drive up to your house. Spending money on landscaping can bring you excellent returns when you sell your home.
You don't have to spend a fortune or develop an elaborate landscaping plan to make your front yard look terrific. If the yard is neatly mowed and trimmed and there are colorful plants blooming, the outside appearance of your home will make a good impression. A local nursery can help you select plants that will grow well and require minimal care. If you are planning to make any permanent changes or additions to your property, ask for advice from your real estate agent.
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Real Estate Trivia
| Q |
Which U.S. hotel has more fountains than any other hotel in the world?
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| A |
The Bellagio Hotel in Las Vegas, Nevada has more than 1,000 fountains embellishing an 11+ acre artificial lake.
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 See More Real Estate Trivia > |
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