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Two Person Mortgage Qualification Calculator
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Two Person Mortgage Qualification Calculator

Calculator developed by

Use our Two Person Mortgage Qualification Calculator to determine what size mortgage two people qualify for based on their combined monthly gross income and debt expenses.  In some cases it can be easier for two people to qualify for a mortgage because the combined income for both applicants is higher.  Typically, the more money you make the higher the loan amount you can afford.  In other cases, it can be more difficult for two people to qualify for mortgage if one of the borrowers has high monthly debt payments or a low credit score.  Too much debt expense can limit how much mortgage you can afford while a low credit score may mean you pay a higher interest rate, which also reduces the loan you qualify for.
You can use our Two Personal Mortgage Qualification Calculator to evaluate different scenarios based on the borrowers' income, debt and credit profiles to understand if it makes more sense to apply for a mortgage as joint applicants or as a sole applicant.  Please note that this calculator uses monthly gross income, which is your income before subtractions such as taxes and medicare. This calculator also uses your monthly debt payments such as car, credit card and student loan payments and not your total debt balance. For example, if you make a $300 monthly payment on a student loan with a $7,500 balance, you include $300 in the total monthly debt payment figure.  Also, when two people apply for a mortgage lenders usually use the lower credit score between the two.
The interest rate and loan length also impact how much mortgage two people can afford.   The higher your rate and shorter your loan, the lower the mortgage amount you qualify for.  In addition to showing you how much mortgage two people can afford, this calculator also shows you monthly housing expense including your mortgage payment, insurance and property tax, to help you understand the total monthly cost of owning a home.  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 13, 2018
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. 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.

Qualifying for a Mortgage as Co-Borrowers


What Credit Score Do Lenders Use?

When you apply for a mortgage as co-borrowers lenders usually use the lower score between the two borrowers to determine your ability to qualify for the loan.  Your credit score impacts your mortgage rate and what size mortgage you qualify for.  Our two person mortgage qualification calculator enables you to understand how your interest rate affects what size mortgage you qualify for.  The lower your credit score, the higher your interest rate.  Borrowers should check their credit score six-to-twelve months before applying for a mortgage to identify and correct any issues.  Joint applicants should also be sure to understand their co-borrower's credit score as you cannot rely solely on your own score no matter how high it is or how strong you are as a mortgage applicant.   


Monthly Debt for Co-Borrowers

Lenders consider monthly debt payments for both applicants to determine what size mortgage you can afford.  In some cases borrowers may have debt payments, such as for a credit card account, that their co-borrower is unaware of.  A higher than expected monthly debt payment figure reduces the mortgage amount you qualify for.  It is in co-borrowers' best interest to disclose all of their debts to each other as this information is revealed when the lender pulls credit reports for both applicants.  Additionally, sharing this information early in the process provides the opportunity for borrowers to pay down their monthly debt which improves your ability to qualify for a mortgage.  Use our two person mortgage qualification calculator to determine how your combined monthly debt expenses impact the mortgage you can afford.


Monthly Gross Income for Co-Borrowers

The positive about applying for the mortgage as co-borrowers is that lenders also use gross income from both applicants to determine how much mortgage you can afford.  The higher your combined monthly gross income, the larger the mortgage you qualify for.  Even if one borrower makes significantly more money than the other borrower, every dollar counts and the extra income may help you qualify for the loan amount you need to buy the home you want.


Applying for the Mortgage as a Sole Borrower

If for some reason you decide it is better to apply for a mortgage as a sole borrower instead of as co-borrowers you can always add the other person to the property title after the mortgage closes.  For example, if your co-borrower has a low credit score or high monthly debt you may be better off applying for the mortgage as a sole applicant.  In this scenario the sole borrower must qualify for the mortgage solely based on his or her credit score and personal financial profile.  When the mortgage closes, the other person is added to the property title so while the mortgage is only in one borrower's name, both people own the property.  


What if One of the Co-Borrowers Already Has a Mortgage?

Lender consider all debts for both borrowers when two people apply for a mortgage as co-applicants.  If one of the borrowers owns a home then the monthly mortgage payment for the property is included in the applicants' debt-to-income ratio.  The higher your debt expense, the lower the loan amount you qualify for.  If the borrowers make enough combined income then it may not be an issue but they must demonstrate the ability to afford the mortgage payments plus property tax and insurance for two homes, which can be challenging.  

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Mortgage Qualification: https://www.knowyouroptions.com/buy/buying-process/qualify-for-a-mortgage/mortgage-basics

About the calculator developer

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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