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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.

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Pat and Norm Brown Frank Howard Allen Realtors 470 First Street East Sonoma, CA. 95476 707-939-2043 707-939-2505 707-484-7159 Fax: 707-939-2044 Email: pat-brown@NUMBER1EXPERT.com Pat Brown is one of America's NUMBER1EXPERTS™ in the Sonoma area. Since obtaining her California Real Estate License in 1989, she was awarded Sales Person of the Year in 1991 for Keegan & Coppin Co. Sonoma office, was the Frank Howard Allen Realtors Wine Country Group #1 "Top Producer" for five consecutive years (1996-2000),and received the Chairman's Circle of Excellence distinction for top production between 1999 and 2005 from that same company. Pat says that her my real job satisfaction comes from helping people buy and sell their homes..."I care about people, I work hard, I get results, and I help my clients have a little fun throughout the process of buying or selling a home." Independently Owned and Operated www.pat-brown.com is brought to you by Pat and Norm Brown NUMBER1EXPERT in real estate for Sonoma County, Sonoma Valley and Sonoma, California Read our Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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