Are you trying to determine if a borrower qualifies for a mortgage? Our Property Qualifier for Borrower Calculator makes the process simple! Just follow these easy steps to calculate a borrower’s estimated monthly mortgage payment and see if it meets their budget.
Step 1: Enter Borrower and Property Information
- Buyer’s Name – Enter the name of the borrower.
- Maximum Monthly Mortgage Payment – Input the highest monthly mortgage payment the borrower can afford.
- Property Address (Optional) – If a property has already been selected, enter the address here.
Step 2: Select Mortgage Details
- Mortgage Type – Choose between FHA or Conventional financing.
- Loan Term – Enter the number of years for the loan (typically 30 years).
- Interest Rate – Input the expected interest rate in percentage form.
Note: If you select a Conventional loan, an additional field will appear asking for the borrower’s FICO credit score to calculate Private Mortgage Insurance (PMI), if applicable.
Step 3: Enter Property Cost and Expenses
- Purchase Price – Enter the estimated property price.
- Down Payment – Input the percentage of the purchase price the borrower will pay upfront.
- Annual Insurance – Estimate the yearly homeowner’s insurance cost.
- Annual Real Estate Taxes – Enter the estimated yearly property tax amount.
- Monthly Association Dues – If the property is in a community with an HOA, enter the monthly fee.
- Monthly Special Assessment – Input any additional special assessments tied to the property.
Step 4: Calculate the Mortgage
Click the “Calculate Mortgage” button to generate results. The calculator will determine:
✅ Total Monthly Mortgage Payment (including principal, interest, insurance, and taxes).
✅ Whether the borrower qualifies for the loan based on their maximum monthly budget.
Step 5: Review Results & Print
- The total mortgage payment will be displayed, broken down into different cost components.
- A pie chart will visually show how the costs are distributed.
- If needed, click “Print Results” to generate a clean, printable version with only the relevant information.
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