Mortgage Qualification Worksheet

The first qualifying number (below right) calculates your maximum monthly payment, assuming you have no debt. This is also known as your "Housing Cost Ratio". It is computed by multiplying your total income by your "Housing Cost Ratio". The second qualifying number, your "Total Debt to Income Ratio", takes into account your monthly debt payments, applying your "Total Debt Service Ratio". Lenders usually qualify you for monthly payments that are no higher than the lesser of the two results. By default, this worksheet assumes a "Housing Cost Ratio" of 0.31 and a "Total Debt Service Ratio" of 0.43, which are standards often used for mortgages. If different ratios apply in your case, change the values in the cells below.

Monthly Income
Salary or wages
Other salary or wages
Rental income
Investment income
Additional income
Total Income
Debts (Loans)
Monthly Debt
Car loan payments
Credit card payments
Other loan payment
Other loan payment
Total Debts
First Qualifying Number (Housing Cost Ratio)
x 0.31 =
Second Qualifying Number (Total Debt Service Ratio)
x 0.43 =
Housing cost ratio
Total debt service ratio
You may qualify for monthly payments of

Loan Amount
The table below calculates the amount of a loan you might qualify for with the monthly payment shown above.
Depending on the circumstances, some or all of the following will be true:

  • In all cases, your monthly payment will include principal and interest payments.
  • In most cases, it will include a monthly escrow payment to cover Property Taxes and Homeowner's Insurance.

Important: This worksheet provides a rough estimate for conventional, fixed-term mortgages. Loan terms vary depending on type of mortgage and lender policies. Consult a professional lender for exact data.

Total monthly payment allowed
Estimated Monthly Property Tax Escrow Payment (Annual taxes/12)
Estimated Homeowner's Insurance Escrow Payment (Annual Premium/12)
Annual interest rate (e.g., 7.125)
Duration of loan (in years)
Monthly principal + interest payment
Maximum loan amount

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