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Mortgage Qualification Calculator
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Mortgage Qualification Calculator

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Use our Mortgage Qualification Calculator to determine what size mortgage you qualify for based on your monthly gross income and debt expenses.  Many factors affect what size mortgage you can afford including your monthly income and debt, credit profile, interest rate, loan type and purpose and mortgage length. Please note that this calculator uses your monthly gross income, which is your income before any deductions such as taxes or social security to determine what size mortgage you can afford. Additionally, the calculator uses your monthly debt expenses such as credit card, auto and student loan payments and not your loan balance.  For example if you pay $250 per month on a credit card with a $5,000 balance, you input $250 in your total monthly debt payments field below.
Our Mortgage Qualification Calculator also provides estimated property tax and hazard insurance expense which is added to your mortgage payment to calculate your total monthly housing expense.  It is important to understand how costs other than your mortgage payment impact the loan amount you qualify for.  Knowing your monthly housing expense can also help you manage your financial budget and better understand the total cost of home ownership. 
We recommend that you evaluate multiple scenarios to determine what size mortgage you qualify for based on different factors including interest rate and loan length. Even a small change in these inputs can have a significant impact on mortgage qualification.  For example, the lower your mortgage rate and longer the length of your loan, the lower your monthly payment and higher the loan amount you can afford.  Use this calculator to understand the mortgage payment and total monthly housing expense that you are comfortable with based on your personal and financial profile and goals.  We also offer a version of this calculator that does not require personal information.

When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
The output provided represents an estimate only. Property tax and insurance rates vary by state, county and property
Rate Details*
Loan Program:  
Monthly Payment:  
Points  More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
Property Tax More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
Homeowner Insurance More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
Current Mortgage Rates as of December 11, 2018
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

Key Mortgage Qualification Requirements


Credit Score

Your credit score is one of the most important factors that determines your ability to qualify for a mortgage.  Lenders typically require borrowers to have a minimum credit score of 620 although certain mortgage programs permit lower scores.  Additionally, the higher your credit score, the lower your mortgage rate and the lower your credit score, the higher your mortgage rate.  You can use our mortgage qualification calculator to understand how your mortgage rate impacts what size loan you can afford.  Borrowers should check their credit score six-to-twelve months before applying for a mortgage to identify and address any issue in their credit profile.


Debt-to-Income Ratio

Your debt-to-income ratio represents the maximum amount of your monthly gross income that you can spend on total monthly housing expense (mortgage payment plus property tax, homeowners insurance and other applicable housing expenses) plus monthly debt payments such as auto, student and credit card loans.  Lenders typically apply a maximum borrower debt-to-income ratio of 43% to 50% to determine what size mortgage you qualify for, although some lenders and mortgage programs apply higher or lower ratios.  Borrowers seeking to maximize their mortgage amount may want to pay down their monthly debt before applying for a mortgage to improve their debt-to-income ratio.  Our mortgage qualification calculator applies a debt-to-income ratio to determine what size mortgage you can afford.


Employment History

Lenders usually require that borrowers have two years of continuous employment history before you apply for a mortgage, unless you recently graduated from college.  Additionally, if you have changed jobs recently and your new job has an initial probation period the lender may wait until the end of the probation period before approving you for a mortgage.  Finally, self-employed borrowers are usually required to provide additional documentation and some lenders may not offer mortgages to self-employed borrowers.  Please note that lenders have discretion over how they apply the borrowers employment history guideline.


Residence History

Lenders also require that borrower provide two years of residence history when you apply for a mortgage.  Your residence history includes properties that you have lived in that you have both owned and rented.  If you have not owned or rented a home prior to applying for a mortgage (for example if you were living with a relative) it can be challenging to qualify for a mortgage.  Borrowers should be sure to understand a lenders residence history requirement before applying for a mortgage.


Down Payment

Lenders usually require borrowers to make a down payment of 10% to 20% of the property purchase price to qualify for a mortgage, although there are several mortgage programs that enable you to buy a home with a low or no down payment.  Saving money for a down payment is one of the biggest challenges to buying a home even for borrowers with good credit scores and steady jobs.  In addition to making a down payment borrowers are also required to pay mortgage closing costs and potentially hold savings in reserve when the mortgage closes so borrowers need to make sure they have enough money to meet the lender's down payment and other qualification requirements.


Loan Program

The loan program you select also impacts how much mortgage you qualify for.  For example, the initial monthly payments for an adjustable rate mortgage (ARM) or interest only loan are usually lower than for a fixed rate mortgage.  The lower payment means that you can afford a higher mortgage amount, although ARMs and interest only loans involve more risk than a fixed rate loan because your payment can potentially increase significantly.  Interest rates also vary by loan program and you can use our mortgage qualification calculator to see what size loan you qualify for with different programs.


Additional Housing Expenses

There is more to mortgage qualification than just the payment you can afford based on your income and debt expenses.  Lenders also consider cost items such as property taxes and hazard insurance to assess what size mortgage you can afford.  Additionally, if you are buying a condominium or co-op that requires you to pay monthly dues then these fees are considered an additional monthly debt expense by the lender, which reduces the mortgage amount you qualify for.  Borrowers should be sure to factor in all potential housing expenses -- including mortgage insurance -- to determine the loan amount they can afford.

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Mortgage Affordability: https://www.consumerfinance.gov/about-us/blog/mortgage-moves-how-much-can-you-afford/

About the calculator developer

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

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