Mortgage Pre-Approval Calculator

Pre-qualification vs pre-approval — know the difference

Pre-qualification is a quick, self-reported estimate — useful for planning, worth little to a seller. Pre-approval means an underwriter has verified your income, assets and credit and committed to a loan amount subject to the property checking out. In competitive markets, offers without pre-approval are often ignored.

This calculator mirrors the underwriter's core math: housing costs capped near 28% of gross income and total debts near 36% (conventional guidelines stretch to about 45–50% back-end ratio for strong files; FHA and VA have their own flexibility). On a $95,000 income with $450 in monthly debts and $60,000 down, expect an approval around $355,000–$360,000 at 6.5%.

What underwriters verify

• Income & employment — two years of tax returns, recent pay stubs, employer verification.
• Credit — 620 minimum for most conventional loans, 580 for FHA (with 3.5% down); the best rates start around 740.
• Assets — bank statements for the down payment, closing costs and reserves.
• Debts — the minimum payments on your credit report set your DTI.

Raise your approval amount before you apply

Paying off a $300-a-month car loan can add roughly $45,000 to your approval. So can documenting a co-borrower's income or increasing the down payment past the 20% PMI threshold. But remember: approval is a ceiling, not a recommendation — the affordability calculator shows the comfortable number, and our pre-approval guide walks through the process, documents and timeline step by step. Then verify the payment on your target home with the payment calculator.