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. Try each calculator with different interest rates, loan amounts, and payment schedules. The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... 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.
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Brad Hill
Coldwell Banker Island Properties
Wailea Town Center
161 Wailea Ike Place, Suite A-104
Wailea, Maui, Hawaii 96753
808.250.9264: Cell
877.947.6284: Office
866.706.6807: Fax
Email: brad@WaileaBeachRealty.com
Brad Hill has been an active licensed Realtor in the state of Hawaii since 2002, both on the islands of Maui and Oahu. He is a full time Realtor with the Coldwell Banker Island Properties office located at the Wailea Town Center in South Maui, Hawaii. He holds the real estate designations of Certified Residential Specialist, Graduate Realtors Institute, Accredited Buyers Representative and e-PRO. He is an active member of the National Association of Realtors, Hawaii Association of Realtors, Realtors Association of Maui and the Hawaii Aloha Chapter of CRS. The Brad Hill Team specializes in South Maui Real Estate in the Maui communities of Wailea, Makena, Kihei and Maui Meadows, Hawaii.
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