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 Quebec Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Aylmer, Hull and Gatineau

Buying Land and New Construction >Buying Property to Build The ideal piece of land cannot be purchased without due diligence. Say you notice a lot for sale in a suburban area that looks like a perfect place to build your dream home. Buying undeveloped land can provide an opportunity to build a house that will meet your needs, but you will need certain information before you sign on the dotted line. Most suburban areas have zoning regulations which govern the type of structure that can be erected, the dimensions, and even the material used on the exterior. Historic preservation groups work with builders in many areas to ensure that any new construction fits in with the existing buildings. If you want to build out of the city limits, check the availability of public utility services and the cost of bringing those services to the site. Local planning and zoning boards can provide you with information about proposed development that could change your quiet country lane into a busy street. It is a good idea to consult an architect and a zoning expert to confirm that your vision will work on the property you have selected. See All Tips In The "Buying Land and New Construction" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What was the location for the classic silent movie scene where Harold LLoyd dangles from a huge clock high above the city? A  That scene from "Safety Last"was filmed at the Brockman Building, one block south of the Biltmore Hotel in Los Angeles. See More Real Estate Trivia >

Philip LeMay Royal Lepage Vallee de L'Outaouais PL 152 Principale, Gatineau, QC J9H 3M8 500 Gréber, suite 104, Gatineau , QC J8T 7W3 Phone: 819-684-2000 Fax: 819-684-3000 Email: philiplemay@NUMBER1EXPERT.com www.philiplemay.com www.philiplemay.com is brought to you by Philip LeMay NUMBER1EXPERT™ in real estate for Aylmer, Hull and Gatineau, Quebec Read Philip LeMay'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.