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Add You - Understanding Affordability Mortgage Calculators
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Maximum Monthly Mortgage Payment
The borrower earns $120,000 annual gross income. And, he pays $1,500 monthly obliga
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Here are the three common factors to qualify for mortgage loan:
- In Loan to Value ratio, a certain value of property must not exceed the loan.
- In Gross Debt Service (GDS) ratio, a percentage of gross income must not exceed the payment.
- In Total Debt Service (TDS) ratio, a percentage of gross income must not exceed payment, home expenses, and total debt.
Maximum Monthly Mortgage Payment
The borrower earns $120,000 annual gross income. And, he pays $1,500 monthly obliga
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Here are the three common factors to qualify for mortgage loan:
- In Loan to Value ratio, a certain value of property must not exceed the loan.
- In Gross Debt Service (GDS) ratio, a percentage of gross income must not exceed the payment.
- In Total Debt Service (TDS) ratio, a percentage of gross income must not exceed payment, home expenses, and total debt.
Maximum Monthly Mortgage Payment
The borrower earns $120,000 annual gross income. And, he pays $1,500 monthly obliga
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Here are the three common factors to qualify for mortgage loan:
- In Loan to Value ratio, a certain value of property must not exceed the loan.
- In Gross Debt Service (GDS) ratio, a percentage of gross income must not exceed the payment.
- In Total Debt Service (TDS) ratio, a percentage of gross income must not exceed payment, home expenses, and total debt.
Maximum Monthly Mortgage Payment
The borrower earns $120,000 annual gross income. And, he pays $1,500 monthly obliga
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- In Gross Debt Service (GDS) ratio, a percentage of gross income must not exceed the payment.
- In Total Debt Service (TDS) ratio, a percentage of gross income must not exceed payment, home expenses, and total debt.
Maximum Monthly Mortgage Payment
The borrower earns $120,000 annual gross income. And, he pays $1,500 monthly obliga
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Maximum Monthly Mortgage Payment
The borrower earns $120,000 annual gross income. And, he pays $1,500 monthly obligations, $3,500 annual property tax, and $300 annual home insurance. Also, he is contemplating on a 6.5% interest rate and 30 year mortgage. Most online affordability calculator uses GDS 32%, TDS 40%, and Loan to Value Ratio 75%.
Here is the GDS calculation:
= [(annual gross income * GDS rate) - annual property tax - annual home insurance] / 12
= [($120,000 * 0.32) - $3,500 - $300] / 12
= $2,883.33
Here is the TDS calculation:
= ([(annual gross income * GDS rate) - annual property tax - annual home insurance] / 12) - monthly obligations
= ([($120,000 * 0.40) - $3,500 - $300] / 12) - $1,500
= $2,183.33
The maximum monthly mortgage payment is the lesser between GDS and TDS. Your maximum monthly mortgage payment is $2,183.33, since TDS is lesser tha
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