Maximum mortgage calculator: Determine the maximum mortgage for which you qualify
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Mortgage Approval Process - Lays out the process for obtaining mortgage approval
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Foreclosure Causes
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2008 FHA Maximum Mortgage Limits
Effective March 6, 2008, HUD began offering FHA loan limits that range from $271,050 to $729,750 (Limits). This new maximum mortgage limit is temporary and will last until December 31, 2008.
Overall, the change in maximum mortgage will help provide economic stability to America's communities and give a quarter million additional homeowners and homebuyers a safer, more affordable maximum mortgage alternative.
The maximum mortgage of $729,750 will only be applicable to extremely high-cost metropolitan areas.
Previously, FHA's maximum mortgages in these very high-cost areas were capped at $362,790.
Maximum Mortgage you can Qualify and get Approved
What is the maximum mortgage for which you can qualify - FHA and Conventional Mortgage?
That largely depends on your income and current monthly debt payments. This mortgage approval calculator evaluates these important variables and determines your maximum mortgage and resulting maximum monthly housing payment for which you can qualify.
Maximum Mortgage Calculator - 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 (principal, interest, tax and inurance) 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 mortgage 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:
- Monthly Income X 28% = monthly PITI
- Monthly Income X 36% - Other loan payments = monthly PITI
Maximum principal and interest (PI) -
This is your maximum monthly mortgage principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This maximum mortgage calculator uses your maximum PI payment to determine the mortgage amount that you could qualify and be pre-approved for.
Start interest rates at - The current interest rate you could receive on your mortgage loan. 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 loan terms are 15 years and 30 years.
CalculatorPlus has available personal finance and business calculators, including credit card calculators, savings and CD ladder calculators and investing calculators to help users make personal financing decisions.
CalculatorPlus provides free mortgage loan calculator to calculate adjustable rate mortgage or to determine mortgage approval. In addition, homeowners can use the mortgage calculator insurance to calculate their monthly mortgage payment, or the loan amortization calculator to generate an amortization schedule. These loan calculators and other finance calculator including CD calculator and credit card calculator available on CalculatorPlus can help homeowners and other users make smart personal finance decisions (calculator loan).