Loan Prequalification Calculator

Loan Prequalification Calculator

Loan Prequalification Calculator

Use this calculator as your first step in determining your ability to qualify for a loan. While this calculator can't guarantee you will qualify for your new loan, it is a good check point to see if it is within your means.

Loan Prequalification Calculator
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Definitions

Loan amount

Total amount to be taken for this loan.

Interest rate

Annual interest rate for this loan.

Loan term

Number of years for this loan's term.

Total annual after tax income

Your total after tax income for the current year from all sources of income from all borrowers on this loan.

Number of income sources

Number of income sources from all borrowers. The more income sources you have, the better your ability to qualify for your new loan.

Existing monthly debt payments

This is your total monthly debt payment for existing loans that will not be paid off by this new loan. Do not include any credit card payments in this amount. Include debt payments for all borrowers on this loan.

Credit card limit

Your current total credit card limit. This is the total limit of your credit cards, not your outstanding balance. Include the credit cards from all borrowers on this loan.

Number of dependants

Total number of dependants. This number does not include the borrowers.

Real estate that will secure this loan

Total value of the equity you have in real estate that will secure this loan. If you already have a loan secured by the same real estate you are using for this loan, make sure to only enter the equity you have in that real estate.

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