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Louis Hemmi's JavaScript Mortgage Qualification Tool

Each mortgage company may have different criteria for granting you a mortgage loan. Many factors come into play, including assets (stock, trust fund income, child support, alimony, property, dividend income, interest income), salary and wages, and of course, total debt.

It is not possible to write a mortgage qualification tool for generic use by all borrowers and lenders, so use this only to do a 'rough' cut.

Your monthly payment will be higher than the amount needed to repay the loan, because of property insurance and taxes, homeowners' association dues, and other costs.

No warranty of applicability to your situation is made here, and this utility is provided "as is."

Please let us know if there is something we can do to make this handy utility more useful to you !!

Your Input Counts With Louis Hemmi !

Note well, the required income (salary and other income) must meet two criteria:
  1. House payment should be less than 28% of total monthly income
  2. Monthly Obligations should be less than 35% of total monthly income
Required fields denoted by: input1.gif - 189 Bytes
Calculated Fields
denoted by:
exclaim2.gif - 319 Bytes
Sample value - no symbols or commas.
Be careful to have the correct number of 0's !
Note: ALL the fields MUST be filled in for the calculation to work !
Proposed Mortgage
input1.gif - 189 Bytes 130000
Mortgage dollar amount
Duration of mortgage in years
input1.gif - 189 Bytes 30
How long the mortgage will last
Mortgage Rate (%)
input1.gif - 189 Bytes 7.5
Mortgage Interest Rate annual percentage
with decimal as needed, (no '%' symbol !)
Annual Property
Taxes & Insurance
input1.gif - 189 Bytes 2300
Estimated Yearly Property Taxes & insurance
Annual Debt Payments.
input1.gif - 189 Bytes 8000
Other Yearly Debt (School, Car, American Express, Visa, Mastercard, Discover, Gym ...)
R e s u l t s       S u m m a r y
Income Required
exclaim2.gif - 147 Bytes exclaim2.gif - 147 Bytes exclaim2.gif - 147 Bytes Total Payments=Mortgage + taxes + insurance + monthly debt

Comments and Inquiries:

Last updated March 24, 2003