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 Virginia Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Warrenton, Culpeper and Gainesville

About Appraisals >Professional Appraisals Before your mortgage application is approved, the lender will order a professional appraisal of the home to make sure that the agreed-upon selling price is justifiable based on the current market value of the property. The cost of the appraisal will be based on the complexity of the appraisal report and the time required to complete it. A professional appraiser will choose the appraisal technique that is applicable to the particular property to arrive at an unbiased opinion of value. One approach is to look at comparable homes in the area that have sold within the last six months. If there are a number of similar properties that have sold recently, the appraiser's job is easy. It is more complicated to arrive at the appraised value if your home is located in a rural area or a diverse neighborhood. The appraised value will usually be very close to the sale price. If the appraisal comes in lower, the real estate agent may be able to provide the appraisers with additional information on recent sales which will result in increased value. See All Tips In The "About Appraisals" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What is the most unusual maintenance project done once each year in the United States? A  The Niagara Falls is shut down for maintenance every year in the fall by diverting the flow of water for 24 hours using a massive series of pipes constructed in 1837. See More Real Estate Trivia >

Michelle Perkins & Associates RE/MAX Regency 403 Holiday Court Warrenton, VA 20186 Toll Free: (877) 341-1077 Phone: (540) 341-1077 Home Office: (540) 937-9991 FAX: (540)341-1001 Email: michelle@mris.com Why hire one agent when you can have a team working to ensure the quality service you deserve when looking to buy or sell! The "team" approach benefits everyone involved and is in place to better serve you. Our valued clients! *We offer over 20 years of combined licensed real estate experience. *Looking to sell? We utilize the latest in Internet Marketing & Technology. Over 80% of Home Buyers start their search on the internet. All our advertising drives Home Buyers to our website, so they see your home first. *Looking to Buy? It is a Buyer's Market! Our clients have found that by meeting with us, they have a greater knowledge of the current market and greater opportunity to live in the right property for them and their family. We simply need to meet. www.MichellePerkins.com is brought to you by Michelle Perkins & Associates NUMBER1EXPERTS™ in real estate for Warrenton, Culpeper and Gainesville, Virginia Read Michelle Perkins & Associates' 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.