Mortgage Calculator

Income Ratio Method (29%)

Gross Monthly Income (self + any co-borrowers)   $
  X   29%
Maximum Monthly Payment Amount = $

 

Total Debt Ratio Method (41%)

Step 1. Multiply your gross monthly income by .41
Gross Monthly Income (self + any co-borrowers)     $
    X   41%
    (A)= $
Step 2. Add the following outgoing monthly payments
Fixed monthly payments     $
(e.g. car, credit cards)   + $
Alimony/Child Support   + $
    (B)= $
Step 3. Click Submit for Maximum Monthly House Payment (principal, interest, taxes, insurance).
    (C)= $

 

Mortgage Payment Estimation

Cost of Home   $
Down Payment - $
Amount Financed = $
  Divided by 1,000
Interest Rate Factor x %
Estimated Monthly Payment Amount = $

DISCLAIMER: Mississippi Home Corporation (MHC) does not pre-qualify borrowers for mortgage loans or offer tax advice. However, to assist potential borrowers in making informed decisions we provide tools, such as these calculators, to assist you in the process of home buying and selling in connection with a Mortgage Revenue Bond loan. Remember, a lender, not MHC, decides mortgage application loan approvals and loan amounts, and lender calculations may vary from MHC calculations. Also, MHC recommends that all borrowers/buyers seek advice from a tax professional for the years of home purchase and sale of a home when preparing Federal Tax returns for the tax year of a home sale to determine what, if any, potential recapture tax the home seller may need to declare to the IRS from the gain on the sale if selling within the first 10 years. Due to variances in the IRS tax laws, MHC calculations are not final or binding, and loan/tax amounts and are solely intended to provide estimates.