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:
- 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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Real Estate Contracts >Sales Contracts
The purchase or sale of a home is one of the most complicated business transactions most people will be involved in during their lifetime. Whether the print is large or small, there is a lot of it! The purchase agreement covers not only the price of the property, but has many paragraphs governing the terms under which it will be conveyed to the new owners.
When you list your home for sale or when you begin your search for a new home, ask your real estate agent for a copy of the standard sales agreement. Familiarize yourself with the document ahead of time, and make certain you understand the responsibilities of both parties between the initial meeting of the minds and the closing date. You should be aware of all of the deadlines in the purchase agreement. Each contract is different, but there are usually time limits covering the structural contingency, the financing application, the loan commitment, and the closing.
You greatly increase the chances of a smooth transaction by being fully informed about the sales contract.
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| Q |
Which islands are considered the largest islands in the US?
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| A |
The Hawaiian Islands with 10,456 square miles are followed by Kodiak Island in Alaska at 9,510 square miles. |
 See More Real Estate Trivia > |
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Nelly Andrushenko
Power Realty Inc.
148-29 Cross Island Parkway
Whitestone, NY. 11357
718-747-0411
917-406-4922
Fax: 718-747-0504
Email: nelly@nellyshomes.com
Nelly Andrushenko started her career in Real Estate in 1989 and after being affiliated with a prominent local Real Estate company for a number of years, Nelly joined one of the Re/Max offices where she worked for four years. In March of 2002, Nelly founded her own Real Estate company, "Power Realty, Inc.". She is constantly in search of knowledge and ways to perfect her customer service. Nelly's enthusiasm and dedication to helping people has brought her success and recognition as a Top Realtor in Northern Queens. If you’ve been thinking of buying or selling a home in the near future, please call Nelly (718) 747-0411 or email her at nelly@nellyshomes.com"    
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