Loan/Mortgage Prequalification Calculator

Loan Prequalify and Mortgage Preapproval - Use this calculator as your first step in determining your ability to qualify for a loan - to get preapproved. While this loan prequalification calculator can't guarantee you will qualify for your new loan, it is a good check point to see what loan amount is within your means.

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Loan Prequalification Calculator - Definitions

Loan amount - Total amount to be taken for this loan.
Interest rate - Annual interest rate for this loan.
Loan term - Number of years for this loan's term.
Total annual after tax income - Your total after tax income for the current year from all sources of income -- the income that will be used by lenders to qualify you on this loan.
Number of income sources - Number of income sources. The more income sources you have, the better your ability to qualify for your new loan.
Existing monthly debt payments - This is your total monthly debt payment for existing loans that will not be paid off by this new loan. Do not include any credit card payments in this amount. Include debt payments for all borrowers on this loan.
Credit card limit - Your current total credit card limit. This is the total limit of your credit cards, not your outstanding balance. Include the credit cards from all borrowers on this loan.
Number of dependants - Total number of dependants. This number does not include the borrowers.


Real estate that will secure this loan - Total value of the equity you have in real estate that will secure this loan. If you already have a loan secured by the same real estate you are using for this loan, make sure to only enter the equity you have in that real estate - the home value in excess of loan(s) securred by the same real estate.

The Loan Prequalification Calculator determines whether you have enough income to afford your payments on this loan. It also calculates the ratio of your loan amount to your real estate security value. Loans with this ratio under 80% are more likely to be approved by a lender.

Borrowing: Calculatorplus.com provides comprehensive source of free finance and loan calculators including this Mortgage Loan Calculator to help you make the right decision getting a new loan. Whether you're interested in a new mortgage or refinancing an existing mortgage, this Mortgage Approval Calculator can help with your decision. Want to know how much taxes or insurance are included in your payment, use this free Mortgage Calculator with Taxes & Insurance.

Financing: Use this Credit Card Calculator to optimize your credit card debt in order to generate the greatest savings. If your are considering purchasing a new vehicle, this Auto Finance Calculator can help you work out your monthly payment.

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