Mortgage Calculator with 2 Incomes Mortgage Amount: Interest Rate (APR): Your Total Monthly Income (Before Taxes): Your Total Monthly Debt Payments (Including Mortgages): Your Total Income from First Applicant: Your Total Income from Second Applicant: Total Monthly Mortgage Payment: function calculateMortgage() { // Get inputs var mortgageAmount = document.getElementById("mortgageAmount").value; var interestRate = document.getElementById("interestRate").value; var totalMonthlyIncome = document.getElementById("totalMonthlyIncome").value; var totalMonthlyDebtPayments = document.getElementById("totalMonthlyDebtPayments").value; var income1 = document.getElementById("income1").value; var income2 = document.getElementById("income2").value; // Compute total income from both applicants var totalIncome = parseInt(income1) + parseInt(income2); // Calculate the monthly mortgage payment var monthlyMortgagePayment = (mortgageAmount * interestRate / 12 * (1 + interestRate / 12)^24) / ((1 + interestRate / 12)^24 - 1); // Calculate the debt to income ratio var debtToIncomeRatio = (totalMonthlyDebtPayments / totalMonthlyIncome) * 100; // Output the total monthly mortgage payment to the form document.getElementById("monthlyMortgagePayment").value = monthlyMortgagePayment.toFixed(2); // Output the debt to income ratio to the form document.getElementById("debtToIncomeRatio").value = debtToIncomeRatio.toFixed(2); } Calculating Mortgage Payments with Dual Incomes Accurately calculating your mortgage payments can be a real challenge. When you have more than one income, it can be even more difficult. Many people think that it is impossible to calculate the exact effects of having two sources of income. Fortunately, mortgage calculators can be a real help in this area. In this article, we'll take a deep dive into how having more than one source of income effects mortgage payments and how mortgage calculators can help. Basics of Mortgage Payment Calculators There are many different mortgage payment calculators available online. If you're trying to calculate mortgage payments with two incomes, one of the most important factors to consider is the loan-to-value ratio. This number tells the lender how much of your home's value is being covered by the loan. This is important because lenders want to make sure that they don't lend too much money. Generally, lenders consider a loan-to-value ratio of 80 percent or less to be acceptable. Another factor that can affect the accuracy of a mortgage payment calculator is the interest rate. Mortgage interest rates can vary widely, depending on the type of loan, your credit score, and the type of lender. Many calculators will also allow you to input different payments, such as principal and interest payments and any other additional costs. These can usually be found online or can be provided by the lender. How Having Two Incomes Can Affect Mortgage Payments Mortgage payments with dual incomes can be tricky to estimate. Some people assume that having two incomes doubles the amount of money that can be contributed to the home loan, but this is often not the case. The lenders will usually only consider one income when they are making a decision on loan amounts. This means that if one of you earns significantly more than the other, the loan amount could be lower than if both incomes were combined equally. It's also important to consider how much of the combined income is going towards other debt. Many lenders take this into consideration when making a decision on the loan amount. Credit card payments, car loans, student loans, and other debt can all have a major impact on the loan amount. If you have high levels of debt, this can negatively impact the amount of money that you can borrow. How Mortgage Calculators Can Help Mortgage calculators are a great tool to help you estimate mortgage payments with dual incomes. When you enter in the loan amount, the interest rate, and all other necessary information, the calculator can give you an accurate estimate of what your monthly payments would be. This can be especially helpful if you want to get a realistic look at how much you can afford. In addition to being helpful in calculating your mortgage payments, mortgage calculators can also provide you with information on the different types of loans that are available. This can be useful if you're considering a specific type of loan and want to see what your payments would look like. Calculators can also help you compare different lenders and loan programs and can even help you determine if refinancing your loan is a smart decision. Conclusion Calculating mortgage payments with dual incomes can be tricky, but it's not impossible. By using a mortgage payment calculator, you can get a much more accurate estimate of what your payments would look like. It's important to consider the loan-to-value ratio, the interest rate, and any other additional costs associated with the loan when using a mortgage calculator. Be sure to take all of these factors into account to get the most accurate estimate of your mortgage payments.