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Maximum Mortgage
Maximum MortgageWhat 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 housing 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:
- 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 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.
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Ken Tribble at RE/MAX Realty Group is the Real Estate Authority for Southwest Florida. He meets the needs of home buyers and home sellers for real estate, homes, investment properties, beach front, golf property, water front homes, condos, vacation, second homes and recreational properties in these nearby communities and more:
Bonita Spings | Cape Coral | Collier County | Estero | Fort Myers |
Fort Myers Beach | Lee County | Lehigh Acres | Naples | North Fort Myers | Sanibel
Ken Tribble, Realtor, GRI, CPA
RE/MAX Realty Group
7910 Summerlin Lakes Dr., Fort Myers, FL 33907
Mobile: 239-229-4770, Fax: 239-489-1504
Toll Free: 800-330-7653 x 2284
Send Ken An Email
Each RE/MAX Franchise Is Individually Owned And Operated
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