Pre-Qualification Calculator - Calculate The Amount You Can Borrow
Say you want your monthly payment - PITI - ( principal - Interest - tax - insurance ) to be a certain dollar amount. In other words you think, for example, you can afford $1200.00 a month for PITI - and you know the other variables like - interest rate, and length of the loan , you can easily find out how much you can borrow. EXAMPLE: If you know you can afford the $1200 monthly and the interest rate is 7% how much can I borrow? In this case, for 30 year fixed rate mortgage you could borrow about $180,369. Try out the handy calculator below - just enter these variables -desired monthly mortgage payment amount, interest rate, and length of the loan - the result will be the maximum loan amount a lender may lend you.