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 Florida Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Weston, Pembroke Pines and Miramar

Disclosure Laws >Disclaimer Clauses Before the professional inspects the home that you are buying, you will be asked to sign an acknowledgment of the scope of the inspection. This document will probably include a disclaimer clause designed to relieve the company of responsibility if they should miss a defect. What happens if a defect is missed during an inspection? The disclaimer clause may get the inspection company off the hook for a defect if there is no visual indication of a problem. If the inspector clearly indicated that he was not checking for that problem--many inspectors do not check for dry rot or inspect roofs--then the recourse will be limited. If negligence is involved, or if the defect should have been obvious to a professional inspector, the disclaimer is not likely to protect the inspector. If you find an undiscovered defect, discuss the matter with the inspector. Depending on the situation, the responsibility for remedying the problem may rest with you, the sellers, and/or the inspector. See All Tips In The "Disclosure Laws" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What does the term Curb Appeal mean? A  This term describes how homes look from the street; this first impression is very important to prospective homebuyers. See More Real Estate Trivia >

Teresa Santana, P.A. RE/MAX 4301 S. Flamingo Road Suite 101 Davie, FL. 33330 Phone: 954-873-1586 Fax: 954-337-2601 Email: teresasantana@NUMBER1EXPERT.com As a top producer of REMAX, I specialize in Luxury Home Estates located in good school district. I'm in the business for over 10 years and have reached my title because I LOVE my job and love working with people. When I compare myself with other agents, I think my strongest attribute is my dedication to buyers in finding the right home by listening carefully to their likings. For Sellers, it's my one on one attention to details from the marketing, contract execution, to following up. I guarantee satisfaction! www.BrowardRealestates.com is brought to you by Teresa Santana NUMBER1EXPERT™ in real estate for Weston, Pembroke Pines and Miramar, Florida, Luxury Home Estates Read Teresa Santana'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.