Mortgage affordability and pre-qualification calculator

Use the mortgage affordability calculator to help determine what you could pre-qualify for

Getting pre-qualified for a mortgage is an informal way for you to get an idea of how much you can afford to spend on a home purchase. Mortgage pre-qualification is an important first step for anyone who is considering buying a home and is unsure if they are financially ready. Our mortgage pre-qualification calculator will look at several factors and indicate whether you meet minimum requirements for a home loan as well as tell you the maximum amount you can afford and how much you can be pre-qualified to borrow.

How do I pre-qualify for a mortgage?

You will need to gather some important basic financial information before you can complete the mortgage affordability and pre-qualification calculator. This includes your total monthly income before taxes (include all sources if more than one) plus your total monthly debt payments (not including utility bills, rent, or other debts that will be paid off that month or will disappear once you purchase the home).

Once you have your most current information gathered, enter your income and debt totals in our mortgage affordability and pre-qualification calculator. You will also need to have a basic idea of what type of mortgage financing you would like to have. Start by choosing your preferred mortgage loan term (15-year, 30-year, ARM, etc.) and the associated interest rate that you expect to obtain. Then enter the state in which you are looking to purchase. Finally, you will need to enter the percentage that you plan to put as a down payment. Remember, the down payment is an up-front payment, so you need to have that cash readily available.

How does the mortgage pre-qualification calculator work?

The information that you entered is calculated and will give you more detailed estimates of the home purchase price and loan amount that you can afford along with the down payment amount (in dollars) that would be required. You will also see your debt-to-income (DTI) ratio when using our mortgage affordability calculator. This ratio reflects your ability to manage monthly payments and repay debts.

The last section of the mortgage pre-qualification and affordability calculator will give you a total monthly payment and amount–broken down into principal, interest, taxes and insurance detail–that you can afford based on the information you provided.

***Disclaimer: This calculator is offered for illustrative and educational purposes only and it is not intended to replace a professional estimate. Calculator results do not reflect all loan types and are subject to individual program loan limits. All calculations and costs are estimates and therefore, Guild Mortgage (“Guild”) does not make any guarantee or warranty (express or implied) that all possible costs have been included. The assumptions made here and the output of the calculator do not constitute a loan offer or solicitation, or financial or legal advice. Please connect with a Guild loan professional for a formal estimate. Every effort is made to maintain accurate calculations; however, Guild assumes no liability to any third parties that rely on this information and is not responsible for the accuracy of rates, APRs or any other loan information factored in the calculations.