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 Arkansas Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Little Rock and North Little Rock

Remodeling and Renovations >Water Problems Sometimes there are defects in a house that the homeowners no longer notice, such as small leaks in the roof or a basement that only gets damp when it rains. When the house is on the market, they don't have a real sense of urgency about having such defects repaired. The real estate agent feels quite differently, however. When buyers are deciding which houses deserve serious consideration, any kind of water problem may appear to be much more detrimental than it really is. The sellers may regard a damp basement as simply a sign that it's time to clean the gutters or check the soil buildup around the house or a leaking roof as a call for new flashing. But to someone who has never owned a home, these defects can be taken as signs that the house may not fulfill their primary need for shelter from "the elements." Renters may be perfectly willing to live in a home with minor water problems, but buyers are likely to pass up the same house if they think it won't keep them perfectly dry. See All Tips In The "Remodeling and Renovations" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What is the world's oldest wooden structure? A  The oldest wooden buildings are the Pagoda, Chumanar Gate and Temple of Horyu in Nara, Japan, dating from A.D. 670. See More Real Estate Trivia >

Roddy McCaskill Roddy McCaskill Team at Keller Williams Realty 1514 Market Street Ste B-100 Little Rock, Arkansas 72211 Office: 501-907-5959 Cell: 501-529-1811 Fax: 501-907-5958 Roddy@RoddyMcCaskill.com RODDY McCASKILL Team is a full -service real estate company with seven professionals - all are fully licensed REALTORS whose total experience is over fifty-five years in real estate. Each member of The McCaskill Team is highly specialized and trained in specific areas of expertise. This enables our Team to give the highest level of service found in Little Rock real estate! www.roddymccaskill.com is brought to you by Roddy McCaskill NUMBER1EXPERT™ for Little Rock Homes for Sale and North Little Rock Homes for Sale, AR, Arkansas Read Roddy McCaskill 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.