![]() But remember - even if you can afford the monthly payments, you still need to qualify for a home loan. Do I qualify for a mortgage?Ī mortgage calculator can be helpful when estimating your home buying budget. Your DTI is a primary factor in whether or not you’ll qualify for a mortgage. Your PITI, combined with any existing monthly debts, should not exceed 43% of your monthly gross income - this is called your debt-to-income ratio (DTI). When lenders assess whether or not you can afford a mortgage loan, they’ll compare your estimated PITI with your gross monthly income (income before taxes and deductions). ![]() How PITI affects your mortgage qualification ![]() If taxes and insurance are not included in a mortgage calculator, it’s easy to overestimate your home buying budget. When determining your home buying budget, consider your entire PITI payment rather than only focusing on principal and interest.
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