Login Menu About Calculators Mortgage Qualifier Calculator Can you buy your dream home? Find out just how much you can afford! For more information and a FREE mortgage checkup, contact one of our mortgage professionals today! Financial Calculators from Dinkytown.net Financial Calculators ©1998-2021 KJE Computer Solutions, Inc. Annual income Purchase price Total monthly payment 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years 22 years 23 years 24 years 25 years 30 years 35 years 40 years Definitions Annual income Your annual income before taxes. For joint applicants this is your total combined annual income before taxes. Purchase price The price of the home you wish to purchase. This is the actual price you'll pay, not including any closing costs. Total monthly payment Your total monthly payment, including principal, interest, taxes and insurance (often called "PITI"). Term in years The number of years over which you will repay this loan. Common mortgage terms are 15, 20 and 30 years. Interest rate The current interest rate you expect to receive on your mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate. Property tax rate Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes. Home insurance rate Your home owner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance. Report amortization Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term. Cash on hand Cash you have for the down payment and all closing costs. Loan origination rate The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000. Number of points paid The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance. Other closing costs Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid. Limit down payment Limit your down payment to percentage required to eliminate the need for PMI payments. Even if you have more cash on hand than required for closing costs, checking this box will limit your down payment to the minimum amount required to forego PMI. Monthly car payment(s) Total monthly payment for your car loan(s). Credit card payments Total monthly minimum payments for your credit cards. Other loan payments Any other installment loan payments, such as student loans or unsecured loans. Total closing costs Total upfront costs to close your loan. This is the total of your loan origination fee, points paid and other closing costs. Monthly PMI payment Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment drops to zero. Please note that this is only an estimate of your actual PMI. The amount you may be required to pay may be higher or lower than our estimate. Monthly PI payment Monthly principal and interest payment. Total for down payment Total funds remaining, after closing costs, for down payment. Total annual income debt percentage Not shown. This is the percentage of your annual income your financial institution allows you to use for debt installment payments. This includes car payments, credit card payments, other loan payments and your principal, interest, taxes and insurance payment for your home. The default rate is 36%. PITI annual income percentage Not shown. This is the percentage of your annual income your financial institution allows you to use for your principal, interest, taxes and insurance payment for your home. The default rate is 28%. Finding the perfect home takes time. At Washington Trust, getting a mortgage doesn't have to! Explore Mortgages Get Started with a Trusted Advisor For more information about our products and services, contact our Customer Solutions Center. Contact Us ‹ Back to all calculators 800-226-5877 24/7 Banking 800-475-2265 Customer Solutions Center Tambien disponible en Español Ver detalles Subscribe Stay up-to-date with our latest insights. 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