Mortgage Qualifier

The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the "View Report" button to see a complete amortization schedule of your mortgage payments.

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Definitions

Annual income: Your annual income before taxes. For married couples this is your total combined annual income before taxes.
Purchase price: The price of the home you wish to purchase. This is the actual price you'll pay, not including any closing costs.
Total monthly payment: Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and insurance paid each month. Often called PITI.
Cash on hand: Cash you have for the down payment and all closing costs.
Interest rate: The current annual interest rate you can receive on your mortgage.
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.
Property tax rate: Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.
Home insurance rate: Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance.
Monthly car payment(s): Total monthly payment for your car loan(s).
Credit card payments: Total monthly minimum payments for your credit cards.
Other loan payments: Any other installment loan payments, such as student loans or unsecured loans.
Total closing costs: Total upfront costs to close your loan. This is the total of your loan origination fee, points paid and other closing costs.
Loan origination rate: The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000.
Number of points paid: The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance.
Other closing costs: Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid.
Monthly PMI payment: Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment drops to zero. Please note that this is only an estimate of your actual PMI. The amount you may be required to pay may be higher or lower than our estimate.
Monthly PI payment: Monthly principal and interest payment.
Total for down payment: Total funds remaining, after closing costs, for down payment.
Limit down payment: Limit your down payment to percentage required to eliminate the need for PMI payments. Even if you have more cash on hand than required for closing costs checking this box will limit your down payment to the minimum amount required to forego PMI.
Show schedule by month: Display the payment schedule by month when you press the "View Report" button.
Show schedule by year: Display the payment schedule by year when you press the "View Report" button.
Total annual income debt percentage: Not shown. This is the percentage of your annual income your financial institution allows you to use for debt installment payments. This includes car payments, credit card payments, other loan payments and your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 36%.
PITI annual income percentage: Not shown. This is the percentage of your annual income your financial institution allows you to use for your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 28%.
Qualify amount: Shown as "Total monthly payment." This is the total amount you qualify for per month. This amount is the total of "Principal, Interest, Tax and Insurance" for your home.

For Real Estate Properties for Sale and for Rent in Palm Beach and Broward County including single family homes, townhouses, villas and condominiums call (561) 350-3503 or email Karina Leal.

Contact now Karina Leal / Leal USA Realty a Palm Beach/Broward County Real Estate Broker, Delray Beach expert and resident. Data, description, pictures, any and all detailed information about Real Estate for sale and for rent in Delray Beach, Palm Beach and Broward County homes and townhouses for sale and for rent or other listings that you may find available on our site, link or on the Free MLS/ IDX tools we make available for your access and or from a cooperative data exchange service s is deemed reliable but not guaranteed. All pictures, details, data & information shared of Real Estate Sale of Broward and Palm Beach County Homes, lots, townhomes and condominium for sale and for rent including Delray Beach Real Estate townhouses and homes for sale & Delray Beach Tierra verde Properties, Real Estate & or other listings are offered as-is and available to you for free but without any warranties or guarantees.Palm Beach Real Estate and Broward Real Estate have great communities for you to choose from. One of the communities we offer information about is the Delray Beach Tierra verde which is a great east Delray Beach Gated community. Conveniently located east of I-95 right south of Linton Blvd. If you are also interested in other communities besides Tierra verde in Delray Beach, please call (561) 350-3503 or email Karina Leal, your tierra verde at Delray Beach realtor, and ask about similar communities in east or west Delray Beach, Boca Raton, Boynton Beach, Highland Beach or any other Broward and Palm Beach County cities.Tierra verde Delray Beach, Delray Beach Tierra verde, Delray Beach FL tierra verde, Delray Beach FL Tierra verde, Tierra verde FL Delray Beach, Delray Beach Bexley, Tierra verde Florida.