Mortgage Qualifier

The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the "View Report" button to see a complete amortization schedule of your mortgage payments.

http://www.dora.state.co.us/real-estate/index.htm; DHI Mortgage Company, Limited Partnership (DE) 7687 (MN) 20187723 (WI) 32292; DHI Mortgage Company, Ltd. (FL) CL 0701136; (GA) Georgia Residential Mortgage License 13591 located at 60 Bushwood Dr., Pooler, GA 31322 (HI) MB803 (IL)Illinois Residential Mortgage License MB 0005470 located at 850 S. Milwaukee Ave, Libertyville, IL 60048 (LA) RML2422-0 (MD) 8724 (NC) L-108350 (NM) 00679 (NV) 1347 and 134 located at 330 Carousel Pkwy, Ste 120, Henderson, NV 89014 phone 702-407-2700 (SC) MB-508200-0508200 and S-5437 (TX) 44608 and 1181-49104 located at 12554 and 12357 Riata Trace Pkwy, C-150, Austin, TX 78727 (WA) 520-CL-17125. .

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Definitions

Annual income: Your annual income before taxes. For married couples this is your total combined annual income before taxes.
Purchase price: The price of the home you wish to purchase. This is the actual price you'll pay, not including any closing costs.
Total monthly payment: Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and insurance paid each month. Often called PITI.
Cash on hand: Cash you have for the down payment and all closing costs.
Interest rate: The current annual interest rate you can receive on your mortgage.
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.
Property tax rate: Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.
Home insurance rate: Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance.
Monthly car payment(s): Total monthly payment for your car loan(s).
Credit card payments: Total monthly minimum payments for your credit cards.
Other loan payments: Any other installment loan payments, such as student loans or unsecured loans.
Total closing costs: Total upfront costs to close your loan. This is the total of your loan origination fee, points paid and other closing costs.
Loan origination rate: The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000.
Number of points paid: The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance.
Other closing costs: Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid.
Monthly PMI payment: Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment drops to zero. Please note that this is only an estimate of your actual PMI. The amount you may be required to pay may be higher or lower than our estimate.
Monthly PI payment: Monthly principal and interest payment.
Total for down payment: Total funds remaining, after closing costs, for down payment.
Limit down payment: Limit your down payment to percentage required to eliminate the need for PMI payments. Even if you have more cash on hand than required for closing costs checking this box will limit your down payment to the minimum amount required to forego PMI.
Show schedule by month: Display the payment schedule by month when you press the "View Report" button.
Show schedule by year: Display the payment schedule by year when you press the "View Report" button.
Total annual income debt percentage: Not shown. This is the percentage of your annual income your financial institution allows you to use for debt installment payments. This includes car payments, credit card payments, other loan payments and your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 36%.
PITI annual income percentage: Not shown. This is the percentage of your annual income your financial institution allows you to use for your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 28%.
Qualify amount: Shown as "Total monthly payment." This is the total amount you qualify for per month. This amount is the total of "Principal, Interest, Tax and Insurance" for your home.

Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. Further review is necessary to obtain an exact qualification. The information provided reflects estimates of the monthly payments you are likely to incur based upon conventional program guidelines. Other loan programs are available and actual payments may be more or less. The tax rates, interest rates and insurance rates may be more or less than displayed. Your payment may include additional charges depending on your transaction. If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required. Consult your DHI Mortgage Loan Officer for detailed information. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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	This is being provided for informational purposes only and is not an offer of credit. All terms subject to credit approval, market changes and availability. DHI Mortgage Company, Ltd. Limited Partnership (AZ) BK-0901845 (OR) ML-2482 (WV) ML-22923; DHI Mortgage Company, Ltd., L.P. (CA) Licensed by the Department of Corporation under the California Residential Mortgage Lending Act 413 0364 (OK) SL006154 (VA) MLB-561 Licensed by the Virginia State Corporation Commission; DHI Mortgage Company, Ltd. 098377 located at 7600 E. Orchard, Ste. 165-S, Greenwood Village, CO 80111 phone 720-488-2098 LMB license 100018938. To check the license status of your mortgage broker, visit http://www.dora.state.co.us/real-estate/index.htm; DHI Mortgage Company, Limited Partnership (DE) 7687 (MN) 20187723 (WI) 32292; DHI Mortgage Company, Ltd. (FL) CL 0701136; (GA) Georgia Residential Mortgage License 13591 located at 60 Bushwood Dr., Pooler, GA 31322 (HI) MB803 (IL)Illinois Residential Mortgage License MB 0005470 located at 850 S. Milwaukee Ave, Libertyville, IL 60048 (LA) RML2422-0 (MD) 8724 (NC) L-108350 (NM) 00679 (NV) 1347 and 134 located at 330 Carousel Pkwy, Ste 120, Henderson, NV 89014 phone 702-407-2700 (SC) MB-508200-0508200 and S-5437 (TX) 44608 and 1181-49104 located at 12554 and 12357 Riata Trace Pkwy, C-150, Austin, TX 78727 (WA) 520-CL-17125. .