The purpose of the Mortgage Qualification Calculator
is to estimate the maximum qualifying amount for a home loan based on gross income, down payment, credit rating, outstanding debt, interest rate, and length of the loan.
The results shown in the calculator provide a perspective buyer with a reasonable affordability estimate that can be used as a guide in searching for an affordable home. It also provides a convenient tool for trying different scenarios that would affect the qualifying amount.
What an individual or family could qualify for may be different than what is computed in this calculator. In order to determine the actual loan amount, one would need to go to a lending institution and fill out a credit application with a loan officer.