Florida Title and Escrow Services

Coral Springs Title & Escrow Services Office
1700 N. University Dr. Suite 110 Coral Springs, FL 33071
Phone (954) 726-5580 Fax (954) 752-5299
E-Mail: Info@SupremetitleandEscrow.com

Melbourne Title & Escrow Services Office
2202 South Babcock Street Suite 100
Melbourne, FL 32901
Phone (321) 725-0115 Fax (321)725-2268
E-Mail: Melbourne@SupremetitleandEscrow.com

Order Title Insurance Online Request Title Insurance Quote

Maximum Mortgage Qualification

What is your maximum mortgage you may qualify for? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.

This Financial Calculator requires a Browser with JavaT applet Support. If you are seeing this message you will need to download SUN's JavaT Plug-in. This can be done simply, and automatically, by clicking the link below:

Get the JavaT Plug-in!

Definitions

Monthly income

Total monthly income from all sources. All income should be entered before taxes.

Monthly housing expenses

Your monthly houses expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment.

Monthly liabilities

Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI.

Monthly housing payment (PITI)

This is your total Principal, Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:

Monthly Income X 28% = monthly PITI
Monthly Income X 36% - Other loan payments = monthly PITI

Maximum principal and interest (PI)

This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.

Start interest rates at

The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount.

Term in years

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.