This calculator assumes that the member is willing to spend sixty two percent (62%) of their monthly net income for monthly housing expense MHE

Many mortgage loan borrowers are without other monthly debt payments. No auto, credit card, department store or other revolving or installment monthly payments. The "Generic No Debt Calculator" is designed to give the no debt member an idea of the maximum affordable loan amount payment based on 62% of monthly net income.

This calculator requires the member to input net monthly income, interest rate and loan term. The member is advised to use local interest rates and term, so as to obtain a loan amount and payment reflective of net income capability.

The output is a loan amount, P&I payment, first month interest due and first month principal reduction. Property Taxes and Insurance (T&I) or Taxes and Association Fees are assumed to be nine percent (9%) of net income i.e. PITI or PIT+association fee = 62% of net monthly income.

You need to be a RELDT® member to use the No Debt Loan Amount Calculator.