Enter the total pre-tax monthly income of all borrowers.
Enter the total monthly obligations of all borrowers.
Include minimum monthly payments of all accounts that will
not be paid off in less than 10 months to calculate your
monthly obligations. Enter expected mortgage rate and term
and amount available for your down payment.
Results
Principal and Interest:
$1,411.38
Monthly Taxes:
$272.40
Monthly Hazard
Insurance:
$76.14
Monthly Mortgage
Insurance:
$103.58
Total Mortgage Payment:
$1,863.49
Monthly Income:
$6,000.00
Monthly Obligations:
$400.00
Actual Front Ratio:
30%
Actual Back Ratio:
36%
Home Value:
$261,500.00
Down Payment:
$26,100.00
Loan Amount:
$235,400.00
Loan To Value Ratio:
90.00%
Explanation
A mortgage company uses ratios to
analyze your mortgage payment. The housing payment ratio (or
Front Ratio) compares your total mortgage payment to your
monthly income. The total debt expense (or Back Ratio)
compares your total monthly obligations including your total
mortgage payment to your monthly income. These ratios are
meant to be used as guides. Please contact a mortgage
professional for a complete pre-qualification analysis.