Classicmortgagellc.com is a full service residential mortgage lender

CLASSIC MORTGAGE, LLC

Apply Now
- Prequalify
- Edit Prior Application
- Blank Printable Application
- Printable Bilingual Application
- Free Quick Quote
- New Purchase
- Refinance Adviser
- Debt Elimination
- The Mortgage Broker
Today's Rates
- Mortgage Glossary
- Today's Rates
Calculators
- Basic Mortgage Qualification
- Bi-Weekly Mortgage
- Detailed Mortgage Qualification
- How Much Can I Afford?
- Interest Only Payments
- Monthly Loan Payment
- Prepayment Analysis
- Prepayment Mortgage Reduction
- Principal After X Years
- Rent vs. Own
Company Info
- About Us
- Privacy Policy
- Testimonials
- Site Security
- Contact Us
- Locations
- Company Directory
Loans-Fees-More
- Mortgage Process
- Loan Types
  - Types of Loans
  - What Loan is Best for Me
- Closing Costs
  - Closing Process
  - Closing Costs
- 1st Time Buyers
  - About 1st Time Home Buying
  - 1st Time Home Buying FAQ
- FHA Loans
  - FHA - 1) Getting Started
  - FHA - 2) Finding Your Home
  - FHA - 3) You've Found It
  - FHA - 4) Financing
  - FHA - 5) First Steps
  - FHA - 6) Finding the Loan
  - FHA - 7) Closing
  - FHA - 8) HUD & the FHA
  - FHA - 9) Mtg Insurance
  - FHA - 10) Products
  - FHA FAQ
- Refinance Loans
  - About Refinancing
  - Refinance Options
  - Refinance FAQ
- Debt Consolidation
  - About Debt Consolidation
  - Debt Consolidation FAQ
- Jumbo Loans
  - Jumbo Loan FAQ
- Reverse Mortgages
  - Reverse Mortgage
  - About Reverse Mortgages
  - Reverse Mortgage FAQ
- Self Employed Borrowers
- No Doc & Low Doc Loans
- Construction Loans
  - Construction Loans
  - Optimizing Credit-Construction Loan
  - Construction Loans FAQ
- Loan Checklist
  - Documents Checklist
- Credit Questions
  - The Credit Score
  - The FICO Score
  - Credit Report Errors
  - Factors of the Credit Score
  - Raise Your Credit Score
  - Accuracy of Credit Report
- The Home Appraisal
- Home Inspection
- Insurance Needs
- Escrow Accounts

Basic Mortgage Qualification

This calculates the required income you will need to qualify for the home listed below with the following information filled in.

Property Information

Sale Price of Home:	$
Annual Home Insurance:	$

Mortgage Information

Down Payment:	$
Interest Rate:	%
Annual Property Tax:	$
Term in Years:
Monthly debt (car/student loan, credit cards, etc):	$
Front Ratio:
Back Ratio:

Your Results

Total monthly loan payment: ( PI ($880.52) + Home Insurance ($0) + Property Tax ($0) )	$	880.52
Total monthly debt payment: ( Loan Payment ($880.52) + Debt Payments ($0) )	$	880.52
Total monthly PMI payment: (0.9% a year on $120000 loan, since your downpayment was 0%)	$	90
35% Qualifying income:	$	33274.97
45% Qualifying income:	$	25880.53

Explanation

PMI appears above if your down payment is less than 20% of your home value. That means you must pay an extra .32% to .90% a year until you break the 20% criteria. They also add that into the income requirement.

The Front End Ratio (35%) income is based on PITI (Principal + Interest + Tax + Insurance) or more specifically, the mortgage principal plus interest amount plus your monthly property tax and home insurance the lender typically holds in an escrow account for you. This monthly amount is listed above as Total monthly lender payment.

The Back End Ratio (45%) income is based on the PITI (Principal + Interest + Monthly Property Tax + Monthly Home Insurance + Monthly Debt). This total amount is the sum described above as Total monthly debt payment.

As long as your total income (salary + interest income + rental income + dividend income) meets ONE of the two incomes you will probably qualify, and if it meets both you are in even better shape.

The accuracy and use of this calculator is not guaranteed.