How much mortgage might I qualify for? How much mortgage might I qualify for? How much mortgage might I qualify for? Most lenders base their home loan qualification on both your total monthly gross income and your monthly expenses. These monthly expenses include property taxes, PMI, association dues, insurance, and credit card payments.Note: This calculator should be used for estimation purposes only. Income Combined gross annual incomeMonthly Expenses Minimum monthly credit card payments Car payments Other fixed monthly debt expensesLoan Information Down payment%$ Interest rate Loan termMonthsYearsPayment Information Monthly insurance and other costs Monthly association dues (if any) Annual property tax%$ The following table shows the calculation methods for figuring out the highest payment you could qualify for based on credit rating Medium CreditThe lesser of28.000 % of gross income or36.000 % of gross income less fixed monthly expensesGood CreditThe lesser of36.000 % of gross income or42.000 % of gross income less fixed monthly expensesUsing the calculation methods above, you could qualify forMedium CreditFinance Amount$322,882.27Down Payment10.000 %Total Home Worth$358,758.08Principal and interest$1,833.29Property tax$373.71Association dues$0.00PMI$113.01Insurance and other costs$80.00Total payment$2,400.00Good CreditFinance Amount$395,948.14Down Payment10.000 %Total Home Worth$439,942.38Principal and interest$2,248.15Property tax$458.27Association dues$0.00PMI$138.58Insurance and other costs$80.00Total payment$2,925.00 Calculator tipsThis calculator computes how much you might qualify for, but does not actually qualify you for a loan. Indeed, you may qualify for more or less than the amounts presented here based on your individual situation.In particular, the example PMI is only an estimate, and may vary based on many factors including but not limited to your loan type, credit worthiness, and where you live. Calculator disclaimer The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. Presented by TimeValue Software ©2022