Mortgage Pre-Approval Estimator

What is Mortgage Pre-Approval?

A mortgage pre-approval is an initial evaluation by a lender that indicates how much you might be able to borrow for a home purchase. It's an important first step in the home-buying process that gives you a realistic budget and shows sellers you're a serious buyer.

Why Get Pre-Approved?

  • Know your budget before house hunting
  • Strengthen your position when making offers
  • Identify potential credit issues early
  • Speed up the final mortgage approval process

How This Calculator Works

This calculator uses common lending criteria to estimate how much you might get pre-approved for. While actual pre-approval amounts may vary by lender, this tool helps you understand the key factors that influence your borrowing potential.

Key Factors We Consider

Income Evaluation

We analyze your annual income to determine your basic borrowing capacity. Lenders typically allow 28-36% of your monthly income for housing payments.

Debt Analysis

Your existing debts affect how much you can borrow. Lenders prefer a total debt-to-income ratio below 43%.

Credit Impact

Your credit score influences both loan approval and interest rates. Higher scores typically qualify for larger loans and better rates.

Down Payment

A larger down payment often helps you qualify for a bigger loan and better terms.

How to Use This Calculator

1

Enter Your Income Details

Input your annual gross income (before taxes) and any additional regular income sources.

2

Add Your Monthly Debts

Include all monthly debt payments like car loans, student loans, credit cards, and other obligations.

3

Specify Your Down Payment

Enter how much you plan to put down. A larger down payment typically helps you qualify for a bigger loan.

4

Select Your Credit Score Range

Choose your credit score range. This significantly impacts your borrowing potential.

Important Notes

  • ⚠️This is an estimation tool and actual pre-approval amounts may vary by lender
  • ⚠️Additional factors like employment history and assets may affect actual pre-approval
  • ⚠️For accurate pre-approval, contact a licensed mortgage lender

Calculate Your Estimate