ToolBox CS
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This calculator indicates whether or not your client qualifies for a conventional mortgage.
Example
If your clients have a monthly income of $6,000 and want to buy a home that costs $250,000, do they qualify for a conventional mortgage?
| Field | Input |
|---|---|
| Price of home | $250,000 |
| Closing costs | $9,000 |
| Down payment | $50,000 |
| Years of payments | 30 |
| Annual interest rate | 6% |
| Real estate taxes per year | $4,000 |
| Mortgage insurance per year | $1,200 |
| Gross monthly income | $6,000 |
In this example, your clients would qualify for a conventional mortgage on a $250,000 home. The maximum monthly payment for which they would qualify is $1,860.
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