MORTGAGE QUALIFYING WORKSHEET
MAXIMUM MONTHLY PITI+ PAYMENT
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Annual income divided by 12 (GMI) |
$ _______________ (1) |
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Gross monthly income x __________% (housing ratio) |
$ _______________ (2) |
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Gross monthly income x __________% (total debt ratio) |
$ _______________ (3) |
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Total monthly debt payments |
$ _______________ (4) |
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Subtract line (4) from line (3) |
$ _______________ (5) |
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Enter lesser amount of line (2) or line (5) |
$ _______________ (6) |
MAXIMUM PRINCIPLE & INTEREST PAYMENT
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Escrow for taxes & insurance (yearly total/12 if actual numbers available) |
$ _______________ (7) |
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Multiply line (6) by 25% (use as estimate if actual numbers not available) |
$ _______________ (8) |
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Subtract line (7) OR line (8) from line (6) (monthly principle & interest) |
$ _______________ (9) |
MAXIMUM MORTGAGE AMOUNT (“Borrowing Power”)
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Divide line (9) by rate factor of __________ (See rate factor table) |
$ _______________ (10) |
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Multiply line (10) by $1000 (maximum loan amount) |
$ _______________ (11) |
AFFORDABLE PRICE RANGE
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Cash available for down payment |
$ _______________ (12) |
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Add line (11) to line (12) |
$ _______________ (13) |
* This worksheet is for informational purposes only and in no way guarantees loan qualification. To get pre-qualified for a mortgage, contact your preferred lender. Jeremy DeBoe is a licensed Real Estate Salesperson, not a mortgage lender.
