Maximum Mortgage

Maximum Mortgage

What is your maximum mortgage? 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 SUN's Java Plug-in. If you see this message you will need to download SUN's Java Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing Install ActiveX Control.

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    For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

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

Monthly housing expenses
Your monthly housing 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:

  1. Monthly Income X 28% = monthly PITI
  2. 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 cannot 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.


 

 

 

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McLennan. Bosque and Hill Counties

Sharon Littlejohn NMLS #32965

 

 

Service First Mortgage is licensed under the laws of the state of Texas and by state law is subject to regulatory oversight by the Texas Savings and Loan Department.

PURSUANT TO THE REQUIREMENTS OF SECTION 157.007 OF THE TEXAS

MORTGAGE BANKER ACT, CHAPTER 157, TEXAS FINANCE CODE, YOU ARE

HEREBY NOTIFIED OF THE FOLLOWING:

COMPLAINTS REGARDING A LICENSED RESIDENTIAL

MORTGAGE LOAN ORIGINATOR SHOULD BE SENT TO THE

TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE

LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS

78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT

1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF

CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS

CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN

ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE

RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE

DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION

ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB

SITE AT WWW.SML.TEXAS.GOV.

     

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