This can be anywhere from 10 years to 30 years, but entering 30 years will have the lowest payments, and enable you to qualify for the highest loan amount. Lenders base your income on your gross income, not your net (after-tax) income. Personal and mortgage information Annual incomeĮnter your gross income, which is your total income before income taxes and other payroll deductions, like health insurance and retirement plan contributions. The mortgage pre-approval calculator is self-explanatory, but here’s a general overview. If you inflate any information, like your annual income or your credit score range, you may get a higher loan amount, only to get a smaller pre-approval amount from an actual mortgage lender. For that reason, be as accurate as you can be. In addition, the validity of the results you’ll get from this mortgage prequalification calculator will only be as good as the information you input. But please understand it’s a calculator only, and the official number will be determined by a mortgage lender. This mortgage pre-approval calculator gives you the opportunity to know in advance how much home financing you can qualify for. How the mortgage pre-approval calculator works
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