The Best Mortgage Calculators On the
Web!
Please try my Java loan and mortgage calculators.
They take a minute to load, but they are worth it! Each calculator
has dynamic graphs and charts that change - right before your eyes -
as you enter different information. Each financial calculator also
includes a View Report option. The mortgage repayment schedule and
other reports are fully customizable. These reports are designed for
you to print out and keep...
How Much Should Your Income
Be?
What income is required to qualify for a
mortgage? That largely depends on your monthly debt payments and the
current interest rate. This calculator collects these important
variables and determines your required income to qualify for your
desired mortgage amount.
Definitions
- Desired mortgage amount
- The total loan amount you are looking to qualify for.
- 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:
- Monthly Income X 28% = monthly PITI
- 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. | 
