Mortgage Calculator & Formulas
Your FHA mortgage payment has Four Components:

Principle Interest Tax Insurance & Mortgage Insurance (PITIMI)
1. Principle Interest  = Use Calculator -->
2. Taxes = Property Tax (usually on most listings
or Google your local Tax Assessor)
3. Insurance = Contact an Agent
4. Mortgage Insurance = use Loan Amount X 0.00095


Formulas - (Use Monthly Numbers Only)

*First Determine Gross Monthly Income

Debt Ratios called DTI - Determine Maximum Allowable Loan Amount
Debt to Income(DTI), must be less than 31/43 or 42/50 Depending on Lender

Front End Ratio = PITIMI divided by Gross Monthly Income (Max 31% or 42%)

Back End  Ratio = PITIMI + Other Monthly Debt divided by Gross Monthly Income =  (Max 43% or 50%)

Other Monthly Debt = Loans + Leases (Car) + Revolving Debt (Credit Cards)

*Rental Income - Use 85% of What you could collect for Rent and to Add to Gross Monthly Income
Loan Calculator
Loan amount (Purch + Improv) ($):
Interest rate (%):
Term (years):
Additional monthly payment ($):
Monthly payment ($):
Total interest ($):
Average monthly interest ($):
Number of years:
HBR
Made EZ