Question : Is there a website to determine how much mortgage I would qualify for?
I am a homeowner and want to purchase a second property. I would like to find an online calculator to see what additional loan I could receive based on income, debt etc.

Thanks!
second mortgage calculator

Best answer:

Answer by Craig B
You really don’t need a web site for that. If your credit scores are above 740 and you have good cash reserves, your debt to income ratios can be as high as 50%. If you are putting less than 20% down, your debt to income should not exceed 41%. That is a mortgage insurance requirement. Loans are approved with an automated system. The loan officer inputs your data and pushes the button. There are no cut and dry rules. You need to be face to face with your local loan consultant.
To answer your question, if your debt to income is under 40%, you should be fine.
Multiply your gross monthly income by .4 and subtract all of your existing monthly payments, including your current mortgage. What is left over is what you can spend on your new second home mortgage.
I hope that wasn’t to confusing. Again, I would sit down with a lender and have them do this for you.