Welcome > Resources > Mortgage Calculators > Your Maximum Mortgage ...

What's Your Maximum Mortgage?

What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.

Definitions

Monthly income

Total monthly income from all sources. All income should be entered before taxes.

Monthly housing expenses

Your monthly houses expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment.

Monthly liabilities

Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI.

Monthly housing payment (PITI)

This is your total Principal, Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:

1. Monthly Income X 28% = monthly PITI
2. Monthly Income X 36% - Other loan payments = monthly PITI

Maximum principal and interest (PI)

This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.

Start interest rates at

The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount.

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.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

"A model of how the Internet can facilitate the process of deciding where to send your children to school" - America's Best School Profiles by The Heritage Foundation Minnesota Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Minneapolis

Cosmetic Improvements >The Sniff Test The sense of smell is a powerful motivator. When prospective buyers walk into a house, they respond more positively if they smell freshly baking oatmeal cookies instead of the lingering odor of a household pet. As the homeowner, you may not notice odors that visitors are aware of as soon as they walk in the door. When your house is for sale, ask a friend or neighbor to give it a "sniff test". If there are offensive odors in your home, how do you get rid of them? There are a few simple solutions--giving the floors and walls a good scrubbing, using the old vanilla-on-the-light-bulb trick, plugging in an essential oil diffuser and throwing out the dog's special chair. You can temporarily declare your home a "no smoking" zone. You may need professional help for cleaning carpets and drapes or deodorizing walls and wood floors. Your real estate agent will be able to provide you with a list of cleaning services which can assist you in making your home smell clean and fresh. See All Tips In The "Cosmetic Improvements" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Rita Larson Edina Realty 4425 Highway 169 N Plymouth, MN. 55442 Phone: 763-712-8250 Fax: 763-557-4595 Email: ritalarson@NUMBER1EXPERT.com With over thirty years of experience helping families find and sell homes, Rita Larson has become one of the Twin Cities distinguished achievers in real estate. With more than her share of production awards, Rita knows it is not about awards, but about offering you service, knowledge, experience and expertise. That is why Rita has hundreds and hundreds of happy, satisfied customers. Call or E-mail Rita today. You will find a smiling voice that is "user friendly". www.ritalarson.com is brought to you by Rita Larson NUMBER1EXPERT™ in real estate for Minneapolis, Minnesota Read Rita Larson's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

NUMBER1EXPERT™
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.