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