Mortgage Calculator

Calculate Your Maximum Allowable Monthly Payment & Home Purchase Price

This calculation will determine both your maximum monthly mortgage payment and the maximum purchase price of your home based on the numbers you enter.

Lenders typically allow the lesser of these two calculations as your Maximum Monthly Expense:
a) 28% of your monthly gross income, or
b) 36% of your monthly gross income less any long term obligations.

This calculator uses these ratios but these ratios can vary depending on the downpayment and the type of mortgage loan that you select. Go to How Much Home Do I Qualify For? for more details. You should also consult with a lender who is an ECAR Affiliate member to discuss your particular situation. Also, the calculator contains sample amounts for monthly long term obligations. Please be sure to change them to amounts that reflect your particular situation.

 

INPUTS

Annual Gross Income: 

$

Monthly Long Term Obligations

Mortgage Information

Child Care $

Down Payment: $

Association Dues $

Annual Interest Rate:

%
Autos $

Number of Years:

yrs
Other $

   

ANSWERS

Maximum Monthly
Mortgage Payment:
$


Maximum Purchase Price
$




Compute Your Monthly Mortgage Payments

Here’s a calculator to determine your monthly payment based on the purchase price and other loan information. Estimated insurance and taxes are added in the Monthly Payment After Estimated Taxes and Insurance: box. This number will vary for each individual property.

 

INPUTS
Purchase Price:
$

Down Payment:
$

Annual Interest Rate:

%
Number of Years:

yrs
ANSWERS
Monthly Payment Before Taxes and Insurance:
$

per month
Monthly Payment After Estimated Taxes and Insurance:
$

per month



Amortization Schedule for Your Home Purchase

Number of Months of Loan
(# of years x 12)

Simple Interest Rate

Total Amount of Loan



%
$





After obtaining your amortization schedule in the window below, you must Mark (Control-a or Apple-a) the text, Copy (Control-c or Apple-c) and Paste it (Control-v or Apple-v) into a new word processing document on your system. It cannot be printed out from this screen.