Mortgage Borrowing Power Calculator

Mortgage borrowing power is a person’s loan capacity based on his expenses and actual income. By knowing one’s mortgage borrowing power, the person can then determine the price range of the property he can afford.

The borrowing power takes into consideration a person’s monthly income and other personal income sources such as alimony and child support if applicable. It will also consider a person’s expected expenses such as auto loans, student loans, credit card payments, utility bills and other important factors.

You can easily find your mortgage borrowing power with Mortgage – Borrowing Power Calculator. With just a click of the mouse, it can determine your maximum monthly repayment, highest loan amount and the lowest interest available for you.

The user just needs to indicate the borrower’s combined monthly income after taxes, combined monthly expenses, monthly safety buffer, loan term, and repayment type. There are two types of repayment types the user can choose from. It could either be principal and interest, or interest alone. Once you’ve inputted the required data, you just need to click on the calculate button. That’s how simple to determine your mortgage borrowing power.

The result is presented in a graph with 4 loan companies you can choose from. The graphs can be indicated as estimated maximum loan or interest over life of loan. You can also switch to a breakdown view to see the breakdown of the loan over the loan period.

This calculator will help a person know as to what extend he can afford a loan. The person can look at the different loan period available to see if it is more attractive to his current financial state. If you think that your mortgage borrowing power is too low, you can increase it by increasing your income. Another way of doing so is by paying off your existing debts such as car loans and credit card balances. That could greatly affect your borrowing power.


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