National Loan Eligibility Estimator
Estimate the maximum loan amount you may qualify for based on your income, monthly obligations, credit profile, and desired loan terms.
Include car payments, student loans, credit card minimums, etc.
Formulas Used
1. Maximum Monthly Payment (DTI Method):
Front-End Limit = Gross Monthly Income × 0.28
Back-End Limit = (Gross Monthly Income × Max DTI) − Existing Monthly Debts
Max Monthly Payment = min(Front-End Limit, Back-End Limit)
2. Maximum Loan Amount (Present Value of Annuity):
P = PMT × [1 − (1 + r)−n] / r
Where: PMT = max monthly payment, r = monthly interest rate (annual rate / 12), n = total number of payments (years × 12)
3. Total Interest: Total Paid − Principal = (PMT × n) − P
Assumptions & References
- Front-end DTI limit: 28% of gross monthly income (standard conventional guideline — Fannie Mae/Freddie Mac).
- Back-end DTI limits: Conventional 43%, FHA 43%, VA 41%, Personal/Auto 36% (CFPB & lender guidelines).
- Interest rates are estimated based on credit score tiers and loan type; actual rates vary by lender, market conditions, and individual profile.
- FHA minimum credit score: 580; VA: 620; Conventional: 620; Personal: 600; Auto: 580.
- VA loans receive a ~0.50% rate discount; FHA ~0.25% discount; Personal loans carry a ~3.00% premium over base rate.
- Credit score tiers follow FICO® score ranges as defined by myFICO.com.
- This tool provides an estimate only and does not constitute a loan offer or financial advice. Actual eligibility depends on lender underwriting, employment history, assets, and other factors.
- References: CFPB Mortgage Guidelines, Fannie Mae Selling Guide, FHA Handbook 4000.1, VA Lenders Handbook.