<% String pageType = "Mortgage Calculators"; %> <% String subPageType = "Adjustable Rate Mortgage"; %> <%@ include file="includes/header.inc"%> <% java.text.NumberFormat format = java.text.NumberFormat.getInstance().getCurrencyInstance(); java.text.DecimalFormat format2 = new java.text.DecimalFormat("0.00"); String salePrice = request.getParameter("hv"); String annualHomeInsurance = request.getParameter("hi"); String annualPropertyTax = request.getParameter("pt"); String downPayment = request.getParameter("dp"); String interestRate = request.getParameter("interest"); String term = request.getParameter("term"); String monthlyDebt = request.getParameter("mi"); String frontEnd = request.getParameter("front_end"); String backEnd = request.getParameter("back_end"); String annualIncome = request.getParameter("monthly"); if(salePrice == null) salePrice = "120000.00"; if(annualHomeInsurance == null) annualHomeInsurance = "518.00"; if(annualPropertyTax == null) annualPropertyTax = "1438.00"; if(downPayment == null) downPayment = "5000.00"; if(interestRate == null) interestRate = "8"; if(term == null) term = "30"; if(monthlyDebt == null) monthlyDebt = "950.00"; if(frontEnd == null) frontEnd = "28"; if(backEnd == null) backEnd = "36"; if(annualIncome == null) annualIncome = "0"; // calculate PI double sale = Double.parseDouble(salePrice); sale = sale - Double.parseDouble(downPayment); double interest = Double.parseDouble(interestRate); if(interest > 1.0) interest = interest / 100.0; interest = interest / 12; double pow = 1.0; for (int j = 0; j < (Integer.parseInt(term)*12); j++) pow = pow * (1 + interest); double PI = .01* (100*(sale * pow * interest) / (pow - 1)); // calculate monthly hazard insurance double monthlyInsurance = Double.parseDouble(annualHomeInsurance); monthlyInsurance = monthlyInsurance / 12.0; // calculate monthly property tax double monthlyPropertyTax = Double.parseDouble(annualPropertyTax); monthlyPropertyTax = monthlyPropertyTax / 12.0; // calculate total monthly loan payment double totalMonthlyLoanPayment = monthlyPropertyTax + monthlyInsurance + PI; double monthDebt = Double.parseDouble(monthlyDebt); double totalMonthlyDebt = monthDebt + totalMonthlyLoanPayment; // calculate PMI double PMI = 0.0; double down = Double.parseDouble(downPayment); double salep = Double.parseDouble(salePrice); double dpercent = (down * 100.00) / salep; PMI = .009 * sale; PMI = PMI / 12.0; // calculate frontend double fend = ((totalMonthlyLoanPayment * 12.0) * 100) / Double.parseDouble(frontEnd); // calculate backend double bend = ((totalMonthlyDebt * 12.0) * 100) / Double.parseDouble(backEnd); // calculate current frontend double curFrontEnd = (totalMonthlyLoanPayment*12.0*100.0) / Double.parseDouble(annualIncome); // calculate current backend double curBackEnd = (totalMonthlyDebt*12.0*100.0) / Double.parseDouble(annualIncome); %>

<% if(dpercent < 20.0){ %> <% } %>

Mortgage Qualification Calculator
This calculates the required income you will need to qualify for the home listed below with the following information filled in. These calculations are provided so you can estimate the best mortgage product for you. MADRATE.COM offers adjustable rate mortgage products, jumbo mortgage products, 15 and 30-year fixed mortgages terms. Many adjustable rate mortgage products are available, including 1 Year ARM, 3/1 ARM, and 5/1 ARMs.

Property Information		Mortgage Information
Sale Price of Home:	$	Down Payment:	$
Annual home ins.:	$	Interest Rate:	%
Annual property tax:	$	Term in Years
Estimate Taxes and Insurance* Personal Information Annual Income: $		Monthly debt (car/student loan, credit cards, etc):	$
		Front Ratio:
		Back Ratio:

* Home Insurance estimated at .43% of Price of Home; Property Tax estimated at 1.2% of Price of Home.

Your Results

Total monthly loan payment:

<%= format.format(totalMonthlyLoanPayment) %>

( PI (<%= format.format(PI) %>) + Hazard Insurance (<%= format.format(monthlyInsurance) %>) + Property Tax (<%= format.format(monthlyPropertyTax) %>) )

Total monthly debt payment:

<%= format.format(totalMonthlyDebt) %>

( Loan Payment (<%= format.format(totalMonthlyLoanPayment) %>) + Debt Payments (<%= format.format(monthDebt) %> ) )

Total monthly PMI payment:

<%= format.format(PMI) %>

(0.9% a year on <%= format.format(sale) %> loan, since your downpayment was <%= format2.format(dpercent) %>%)

Your current ratios:

Front End

<%=format2.format(curFrontEnd)%>%

Back End

<%=format2.format(curBackEnd)%>%

Your qualifying ratios:

<%= frontEnd %>% Qualifying income:

<%= format.format(fend) %>

<%= backEnd %>% Qualifying income:

<%= format.format(bend) %>

Explanation

PMI appears above if your down payment is less than 20% of your home value. That means you must pay an extra .32% to .90% a year until you break the 20% criteria. They also add that into the income requirement.

The Front End Ratio (28%) income is based on PITI (Principal + Interest + Tax + Insurance) or more specifically, the mortgage principal plus interest amount plus your monthly property tax and home insurance the lender typically holds in an escrow account for you. This monthly amount is listed above as Total monthly lender payment.

The Back End Ratio (36%) income is based on the PITI (Principal + Interest + Monthly Property Tax + Monthly Home Insurance + Monthly Debt). This total amount is the sum described above as Total monthly debt payment.

As long as your total income (salary + interest income + rental income + dividend income) meets ONE of the two incomes you will probably qualify, and if it meets both you are in even better shape.

The accuracy and use of this calculator is not guaranteed.

<%@ include file="includes/footer.inc"%>