As a Mortgage loan originator for a company that has over 130 different Lender which will providing a solution for your financing needs. FHA, VA, Conforming, USDA. DSCR Debt Service Coverage Ratio. For investors Bank Statments for Business Owners. Credit score approvals are down to 500 and many other programs which regular banks do not provide                                  

A general rule of thumb is Lenders would like a 45% or lower debt to income ratio. Lets begin by calculating the Front-end ratio, this your total housing expense. This includes the priciple, intrest mortgage payment, taxes , insurance and HOA dues if any,  divide your housing expense by your gross monthly income(s), multiply that number by 100 the total is your front end debt to income (DTI) ratio.

Back-end ratio  divide your total monthly debt which credit card payment(s) automobile payment(s) child support payment , student loan payment, divide total monthly debt expense by the gross monthly income and divide by 100 now you have your debt to income ratio

 With the Mortgage calculator you can enter the price of the Home you desire then the amount of down payment you have  to put towards the purchase  enter  the interest rate  and normaly it is 30 years loan term this will give you a monthly payment, yet this payment is lacking your property taxes ( you can go to the propety appraisers website  in the County in which the property is located you can add the prior year as a starting point . Home owners insurance payment  contact an insurance agent and obtain a quote to determain a monthly payment to add towards your PITI ( principle interest taxes and insurance) HOA  additional.

FHA each FHA loan requires an upfront premium of 1.75% of the loan amount at closing and an annual  premium of  0.55% when your down payment is less than 5%. This premium  will be added to your monthly payment. to factor an amount to add to your principle , interest ,taxes, insurance an monthly and mip ( monthly insurance premium)

 Do not forget to factor the  0.55% premiumFHA will charge you monthly (mortgage insurance premium MIP) multiply the premium by the loan amount and divide by 12 example $100,000 loan amount X 0.55%= $550. MIP divide this amount by 12 =   $45.83 monthly MIP add this to your mortgage payment. Home owners insurance and property taxes also get added to your calculation. It is best to estimitate these cost on the high side , homeowners insurance I would guesstimate $ 3000 and higher property taxes around $4000 annualy and higher as the price range of the home increases so do these expenses .  Remember there are  community that require HOA dues  so factor in an amount.  these amounts are broken down into months and added to your answer from the Calculator this way you will have a most accurate monthly payment amount