you know that mortgage companies use an income and monthly debt
calculation to arrive at your maximum
mortgage payment? This income
ratio is commonly called the "front end" and "back
end ratio". The "front end ratio"
is the maximum mortgage payment based on your monthly GROSS income
and the "back end" ratio is the proposed
mortgage payment with your monthly debt (i.e. credit cards, car
payment, alimony, child support, school loans, etc.).
You can estimate the "ideal" mortgage payment for an FHA, Veteran (VA), USDA, and conventional loan. Simply enter your gross monthly income and monthly debt into the boxes and click calculate. That's all there is to it! The result is your ideal mortgage payment. The mortgage includes principal and interest on the loan, one month's real estate taxes, one month's homeowners insurance and monthly mortgage insurance premium, if applicable.
How much does it cost to buy a house in Pennsylvania?
Use the PA mortgage calculator to estimate the down payment, closing costs and monthly payment for FHA, VA, USDA & conventional loans.