Mortgage Qualification
You can use this calculator to determine if your client qualifies for a conventional mortgage.
To open this calculator, click Calculators in the toolbar, and then click Mortgage > Mortgage Qualification in the left panel.
You can export the data as a PDF file or clear all data that you entered. For more information, see Financial calculators.
Example
If your clients have a monthly income of $6,000 and want to buy a home that costs $250,000, do they qualify for a conventional mortgage?
Field | Input |
---|---|
Price of home | $250,000 |
Closing costs | $9,000 |
Down payment | $50,000 |
Years of payments | 30 |
Annual interest rate | 6% |
Real estate taxes per year | $4,000 |
Mortgage insurance per year | $1,100 |
Gross monthly income | $6,000 |
In this example, your clients would qualify for a conventional mortgage on a $250,000 home. The maximum monthly payment for which they would qualify is $1,680.
Contact us
Call 800-968-0600
Was this article helpful?
Thank you for the feedback!