Mortgage Qualification Calculator

The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the “View Report” button to see a complete amortization schedule of your mortgage payments.

The price you pay for a mortgage loan, in addition to the principal amount borrowed, is determined by two components: the interest rate and the fees/costs associated with obtaining the mortgage loan. It is vitally important to understand both of these in order to identify the true “lowest cost” lender.


Be sure that you are making comparisons on the rate and type of loan. Choose one type: “fixed” and ask for that rate for “30 years” with “zero” points. This will give you fair numbers to look at based simply on price. Even if this is not the type of loan you end up with it is a starting point.


Some lenders may offer lower interest rates, but will charge higher fees to compensate. These can add up very quickly and cost you more than an additional percent of interest. Ask for a list of fees you will be charged. Many banks charge application fees and processing fees. Most do charge for credit reports and appraisals.