Step 1 - Monthly
Income
Enter
your monthly salary/wages before deductions. Enter this
amount without commas. (Example: 2000).
Step 2 - Other Monthly Income
Enter
any other monthly income/wages you might have. This
could be from a second part-time job, child support
payments, etc. Enter this amount without commas.
(Example 1000).
Step 3 - Auto Payment
Enter
your auto monthly payment, if any. Enter this amount
without commas.
|
Step 4 - Student
Loans, Credit Cards, Etc.
Enter
any other monthly long-term debt that you might have.
Enter this amount without commas.
Step 5 - Loan Term
Enter
the desired term of your loan. The default value is 30
years.
Step 6 - Interest Rate
Enter
the desired interest rate percentage. An average
estimate is 7.0%.
Step 7 - Calculate
You
will get an estimate of your qualified maximum monthly
mortgage payment and the maximum loan amount
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