How to Use the Property Qualifier for Borrower Calculator

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.