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Mortgage Qualification Calculator |
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Results |
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| Property Selling Price: |
$190,000.00 |
| Down Payment: |
$40,000.00 |
| Loan Amount: |
$150,000.00 |
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| Monthly Principal & Interest: |
$899.33 |
| Monthly Real Estate Taxes: |
$174.17 |
| Monthly Hazard Insurance: |
$82.33 |
| Monthly PMI: |
$0.00 |
| Total Mortgage Payment: |
$899.33 |
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| Income Needed for Payment: |
$2,997.75 |
| Allowable Debt Payments: |
$179.87 |
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Explanation |
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This calculator allows you to get an estimate of how large a mortgage you can qualify for. Lenders use similar ratios to analyze your mortgage payment and determine how much loan you qualify for. The front ratio used in this calculation is 30.00%, or (899.33 / 2,997.75). This ratio compares your total mortgage payment to your monthly income.
The back ratio is 36.00%, or [(899.33 + 179.87) / 2,997.75]. This ratio compares your total monthly debt obligations including your total mortgage payment to your monthly income. Please contact a mortgage professional to see exact qualification criteria.
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Disclaimer: We cannot guarantee the accuracy of this calculator. You should check with your finance provider before entering into any contracts.
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