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Mortgage Prequalification Calculator: Do You Qualify for a Home Loan?

Calculator Preferences
Mortgage Prequalification Calculator Sign
Mortgage Prequalification Calculator

This calculator will calculate whether or not you would qualify for a home loan, and if so, how much of a home loan you might be qualifying for. Includes a printer friendly report and a printable amortization schedule. The Learn tab includes brief explanations for:

  • PITI to income ratio.
  • Debt to income ratio.
  • A secret third ratio to consider.
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Income/yr:Income/year:Gross annual income:Gross annual income:
Income Conversion
If you would like me to convert your non-annual gross income(s) into one combined annual household income, enter the amounts (without dollar signs and commas) below and select the appropriate period for each amount.
Annual gross:

Gross annual income:

Enter your gross annual household income (without dollar sign and comma). This is the amount before taxes are deducted. Expand the description in this row to combine and calculate up to 5 sources of income.

Debt pmts:Mon debt pmts:Monthly debt payments:Monthly debt payments:
Monthly Debt Payments
If you would like me to total up your debt payments for you, enter the individual payments below (the labels are only reminders so ignore those that don't apply).
Monthly debt pmt:

Monthly debt payments:

Enter the total of your non-mortgage monthly debt payments (without dollar sign and comma). This would include car loans, student loans, credit card payments and so on. Expand the description in this row to total from 1 to 10 debt payments.

Down pmt:Down payment:Down payment:Down payment:

Down payment:

Enter the amount you have available for a down payment after paying closing costs (without dollar sign and comma).

Int rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual interest rate you expect to pay on this mortgage. Enter the rate as a percentage but without the percent sign (for 6.25%, enter 6.25).

Monthly ins:Monthly ins:Monthly insurance:Monthly insurance:
Monthly Insurance Estimator
If you would like me to estimate your insurance for you, enter the price of the home and adjust the default percentage (.125%) if you think it's too high or too low.
Home price:
Insurance %:
Monthly ins pmt:

Monthly insurance:

Enter the monthly insurance payment you expect to pay (without dollar sign and comma). As a rule of thumb, you can expect to pay .125% (home price X .00125) of the purchase price per month. Expand the description in this row to calculate the monthly insurance based on a percentage.

Prop tax %:Annual tax %:Annual property tax percentage:Annual property tax percentage:

Annual property tax percentage:

Enter the annual property tax percentage you expect to pay. As a rule of thumb, you can expect to pay 1.1% of the purchase price per year.

Mtg term:Mortgage term:Mortgage term in years:Mortgage term in number of years:

Mortgage term in number of years:

Select the term of the home loan in number of years.

Max pmt %:Max pmt ratio:Maximum pmt to income ratio:Maximum mortgage payment to income ratio:

Maximum mortgage payment to income ratio:

Enter your maximum mortgage payment to income ratio (without the percent sign). The default ratio is 28%, in which case your mortgage payment cannot exceed 28% of your monthly income.

Max debt %:Max debt ratio:Maximum debt to income ratio:Maximum debt payments to income ratio:

Maximum debt payments to income ratio:

Enter your maximum mortgage payment plus debt payments to income ratio (without percent sign). The default ratio is 36%, in which case your mortgage payment plus your debt payments cannot exceed 36% of your monthly income.

Down pmt:Down payment:Down payment:Down payment:

Down payment:

This is your original down payment amount.

Mtg amt:Mortgage amt:Mortgage loan amount:Mortgage loan amount:

Mortgage loan amount:

This is the maximum mortgage you would qualify for based on your current entries.

Home price:Home price:Home price:Home price:

Home price:

This is the price of the home you could purchase, which is the mortgage amount plus your down payment.

PMI pmt:PMI payment:Monthly PMI payment:Monthly PMI payment:

Monthly PMI payment:

This is your estimated monthly PMI (Private Mortgage Insurance) payment amount. This insurance is usually required for downpayments that are less than 20% of the purchase price of the home. And the lower the downpayment percentage falls below 20%, the higher the PMI premium will be.

Ins pmt:Insurance pmt:Monthly insurance payment:Monthly insurance payment:

Monthly insurance payment:

This is your estimated monthly insurance payment amount.

Tax pmt:Tax payment:Monthly property tax payment:Monthly property tax payment:

Monthly property tax payment:

This is your estimated monthly property tax payment amount.

P & I pmt:P & I payment:Monthly P & I payment:Monthly principal & interest payment:

Monthly principal & interest payment:

This is your estimated monthly principal and interest payment amount.

Total out:Total outflow:Total monthly cash outflow:Total monthly cash outflow:

Total monthly cash outflow:

This is the total of your monthly PMI, property taxes, homeowner insurance, and principal and interest payment.

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated


Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.



Add or remove this page to/from my favorites.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.