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 New Jersey Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Millburn, Short Hills and Livingston

Selling Your Home >The Season for Selling Houses We hear a lot of talk about which months are the most lively ones for getting our listings sold. Many people think the ideal time to put a house on the market is when the azaleas are in bloom and the grass is the greenest. In many parts of the country, the "spring market" is thought of as the real estate industry's Christmas season. There are important factors that strongly influence the sale of houses. Interest rates, the availability of local employment, tax rates, and the overall economic health of the community all play a large part in determining how quickly homes move and how well the sellers will do at the closing table. Your home may sell quickly during a month when the weather is gloomy but the interest rates are low. Waiting for spring flowers to bloom before planting your "For Sale" sign may improve your home's curb appeal, but may not have as much effect on the sale of your home as interest rates that go up as quickly as your tulips. See All Tips In The "Selling Your Home" 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 >

Lynn Skuraton, GRI Managing Broker Keller Williams Suburban Realty 250 South Livingston Avenue Livingston NJ 07039 Bus:: 973-251-0100 Cell:: 973-715-0663 Fax: : 973-629-1239 Email: lyskuraton@aol.com From Castles to Cottages, Corporate Relocation, and Luxury Properties, I specialize in "People Pleasing." www.LynnSkuraton.net is brought to you by Lynn Skuraton NUMBER1EXPERT™ in real estate for Millburn, Short Hills and Livingston, New Jersey Read Lynn Skuraton's 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.