Maximum Allowable Monthly Payment & Home Purchase Price

Compute Your Maximum Allowable Monthly Payment & Home Purchase Price
This calculation will calculate both your maximum monthly mortgage payment and the maximum purchase price of your home based on the numbers you input.

Lenders typically allow the lessor of these two calculations as your Maximum Monthly Expense:
a) 28% of your monthly gross income, or
b) 36% of your monthly gross income less any long term obligations.

INPUTS

Annual Gross Income: 

$

Monthly Long Term Obligations

Mortgage Information
Child Care $ Down Payment: $
Association Dues $ Annual Interest Rate: %
Autos $ Number of Years: yrs
Other $

ANSWERS

Maximum Monthly
Mortgage Payment:
$

Maximum Purchase Price
$

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