How Much Mortgage Could You Qualify For?

monthly cost (I) is no more than your allowable monthly debt (G), can benefit from this mortgage. ….

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How Much Mortgage Could You Qualify For? Estimate the purchase price of the home you would like to buy and the down payment you can afford. Complete each entry based upon this assumption and your personal financial situation. Ratios in this worksheet apply to first time home buyers only. llowable monthly housing cost? Total monthly gross income. ENTER (A) $ Multiply by .33 (33% is average maximum housing debt) x 0.33 Allowable monthly housing cost $ = (B). STEP 3: Your mortgage amount Home purchase price $ = (C) Down payment $ – Mortgage loan amount $ = (D). STEP 4: Y our monthly taxes and insurance costs Home purchase price ENTER (C) $ Multiply by .0025 (actual percentage will vary by location) x 0.0025 Estimated monthly taxes and insurance $ = (E). STEP 6: What is your allowable monthly debt? Total monthly gross income ENTER (A) $ Multiply by .38 (38% is maximum debt level) x 0.38 Allowable total monthly debt $ = (G) Step 7: What are your other monthly debt payments (do not include if less than 10 months remaining)? Car payment $ Credit card payments $ + Student loan $ + Other $ + Total other monthly debt payments $ = (H). Step 8: Your total monthly cost Total monthly housing cost ENTER (F) $ Total monthly other debt ENTER (H) $ + Total monthly cost $ = (I) If your monthly housing cost (F) is not more than your allowable monthly housing cost (B), and your total monthly cost (I) is not more than your allowable monthly debt (G), you may qualify for this mortgage. Mortgage Payment Calculator Monthly principal and interest payments for 30-year, fixed rate mortgage. Property taxes and insurance not included.

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