Primary residence
Because the property you are buying or refinancing is not your primary residence, tell us about the home you live in. Its payment counts as a monthly debt, and it is listed under Additional Properties Owned.
How much home can I afford?
See your file before the underwriter does. Built by an underwriter, this uses the same ratios lenders use: your housing ratio and total debt-to-income ratio, plus income, other properties, assets, reserves and LTV. Your monthly payment carries over from the payment analyzer, so you won't need to enter it twice.
Borrower 1 income
Turn on any income sources that apply. Each adds to your total below.
Conventional guidelines commonly allow grossing up non-taxable income by around 25%; FHA often uses 15%. Ask your lender which they'll apply.
Subject property
Stays in your browser. Used for your PDF. The new payment is under Monthly Payment, so it is not counted as a debt here.
No problem. Use Monthly Payment to try loan amounts and rates while you search.
Changes to the amounts and rates here carry back to the payment analyzer.
A second mortgage or home equity line behind this loan.
Tip: Get your free credit report at AnnualCreditReport.com (it opens in a new tab, so this page stays right here), then enter the monthly payment shown for each account. For credit cards, enter the minimum payment required each month, not the balance. A credit report lists your accounts and payments; it doesn't show a score (see the note below your ratios). If a payment isn't listed, use the amount on your latest statement. You don't need account numbers or your Social Security number, and nothing you type here leaves your browser.
Do you have any tax liens, judgments, collections or charge-offs?
Lenders may require tax liens, judgments, collections and charge-offs to be paid off, or otherwise resolved, before or at closing. Any payoff adds to the cash you need, and it is not included in Cash Required at Closing. Ask your lender what applies to you.
Payments on other properties$0/mo
Rental loss (Schedule E)$0/mo
Significant derogatory credit events?
Bankruptcy, foreclosure, deed-in-lieu of foreclosure, pre-foreclosure (short) sale or a mortgage charge-off. Not sure? Choose Yes. If none of the options below applies, go back and choose No.
Use the discharge, dismissal, completion or sale date that applies. Add it to see an estimated date.
Extenuating circumstances are events beyond your control, such as a serious illness or job loss, that your lender must be able to document. These are general waiting periods for a typical conventional loan. They vary by lender and loan program (FHA, VA, jumbo and others differ), and the lender decides what applies. This is an estimate for planning only.
Add each property you own besides the one you are buying or refinancing. The payment on each one counts as a monthly debt, unless it is already netted inside a complete Schedule E.
Primary residence$0/mo
Primary residence. The payment counts as a monthly debt. Edit it under Subject Property.
Good to know: Checking and savings are available right away. Retirement accounts, mutual funds and stocks may need to be sold or withdrawn (liquidated) if you need them for cash to close or your down payment. Taxes, penalties or market changes can apply, and lenders may count only part of some accounts. Your lender will ask for statements to verify balances.
Usually a deposit larger than 50% of your total monthly income. Deposits from an employer, the IRS or Social Security may not need verification, at the lender's discretion.
Reserves are the months of housing payments you would still have in the bank after closing. Choose what to base them on and how many months.
Add your other properties under Additional Properties Owned and they will show up here.
Unpaid principal balance (UPB)
Some lenders figure reserves as a percentage of the unpaid principal balance of a property. Choose the properties, enter each balance, and set a percentage for each property. Leave a property's percentage blank to use the default below. A balance you enter here also fills in that property under Additional Properties Owned, and the other way around.
Add your other properties under Additional Properties Owned and they will show up here.
We use your non-liquid assets (retirement, mutual funds, stocks) first, so your checking and savings stay available for the down payment and closing costs. That may mean liquidating them, so check the taxes and penalties first.
What you would bring to closing: the down payment balance plus estimated points and fees, less any earnest money you have already paid and cleared, any gift to be received at closing, and any seller or closing credit. These are estimates for planning only.
Points, lender fees, title and settlement charges, prepaid taxes and insurance, and escrow deposits are commonly around 2% to 5% of the loan amount. Your Loan Estimate shows the real figures. On a refinance, fees can often be rolled into the new loan. Add earnest money and gift funds under Total Assets.
Liquid assets are checking, savings and money market funds, plus any part of a retirement account, mutual fund or stock you say you would sell or withdraw. Reserves are set aside first.
Housing Ratio
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0%
Your monthly payment (principal, interest, taxes, insurance, mortgage insurance and HOA if any) divided by your gross monthly income. Typically comfortable at 28% or under; many loan programs allow more.
Debt-to-Income Ratio (DTI)
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0%
Your monthly payment plus your other monthly debts, divided by your gross monthly income. Conventional guidelines often cap this around 36%, though many programs allow up to 43–50% with strong compensating factors.
Loan-to-Value (LTV)
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0%
Your loan amount divided by the property's value. On a purchase, lenders use the lower of the purchase price and the appraised value. On a conventional loan, mortgage insurance usually applies when this is above 80%.
Combined Loan-to-Value (CLTV)
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0%
Your loan plus any other loans secured by the property (a second mortgage or home equity line), divided by the property's value. Lenders set their own CLTV limits by program.
If either ratio looks high, open Monthly Payment above and try a smaller loan amount or a lower rate.
For loan officers: your entries in loan application order, ready to key into your loan system. Borrower-entered and unverified. Counts as one report.
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Simple shows the main numbers. Detailed adds each income source by borrower, what is in the monthly payment and other debts, and the property address.
Credit report or credit score?
Credit report
A list of your accounts, balances and monthly payments. Use it to fill in Other Monthly Debts above. Get yours free at AnnualCreditReport.com.
Credit score
One number that summarizes your report. See where to get a free VantageScore from providers VantageScore lists. A lender may use a different scoring model, so the number it uses can differ from the one you see.
Both links open in a new tab on another website. Voklogik doesn't receive anything you enter there.
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About the income methods
What it covers
Two-year averages (with an optional, non-standard three-year average) of the income on your tax returns: sole proprietor, partnership, S corporation, C corporation, farm, rental and royalty income, plus bonus, commission, capital gains, and interest and dividends. Add-backs such as depreciation follow common cash-flow methods.
What it doesn't cover
Businesses under two years old, business liquidity tests, special treatment of money left inside a corporation, and each lender's own rules. Rental income is simplified. A loan officer or underwriter reviewing your actual returns will give you the real number.