{"id":6350,"date":"2023-08-07T23:06:24","date_gmt":"2023-08-07T23:06:24","guid":{"rendered":"https:\/\/griffinfunding.com\/?p=6350"},"modified":"2026-05-29T19:20:25","modified_gmt":"2026-05-29T19:20:25","slug":"bank-statement-loan-calculator","status":"publish","type":"post","link":"https:\/\/griffinfunding.com\/blog\/bank-statement-loans\/bank-statement-loan-calculator\/","title":{"rendered":"Bank Statement Loan Calculator"},"content":{"rendered":"<p><iframe id=\"dscr_calculator_iframe_id\" class=\"dscr_calculator_iframe bsl_calculator_iframe\" style=\"width: 100%; height: 2400px; border: none; transform: scale(0.9);\" src=\"https:\/\/griffinfunding.com\/wp-content\/themes\/griffinfunding\/calculators\/HOMEcalc\/index.html?v=nocache2\" scrolling=\"auto\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><\/iframe><span style=\"font-weight: 400;\">Becoming a homeowner is a big step, and you must be financially prepared.<\/span><span style=\"font-weight: 400;\"> Use our bank statement loan calculator to help you determine your maximum home price, loan amount, and estimated closing costs. <\/span><br \/>\n<div id=\"key_takeaways\"><h3>KEY TAKEAWAYS<\/h3><ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank statement loans are designed for self-employed individuals, freelancers, and business owners whose tax returns may not reflect their actual income.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Our bank statement loan calculator helps borrowers estimate their borrowing potential and home affordability.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enter some basic financial information in order to estimate how much house you can afford with a bank statement loan and get an idea of what your monthly mortgage payment would look like.<\/span><\/li>\n<\/ul>\n<\/div>\n<h2>How Do Bank Statement Loans Work?<\/h2>\n<p><span style=\"font-weight: 400;\">For certain individuals, their yearly income taxes do not reflect their actual income. This is especially true for those who are business owners, independent contractors, self-employed, freelancers, or retirees<\/span><span style=\"font-weight: 400;\">, who make up a sizable portion of the population. In fact, there are nearly <\/span><a href=\"https:\/\/www.americanprogress.org\/article\/understanding-the-self-employed-in-the-united-states\/\"><span style=\"font-weight: 400;\">17 million self-employed people in the United States<\/span><\/a><span style=\"font-weight: 400;\">, making up over 10% of the total working population.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This can make things difficult when it comes time to apply for a traditional mortgage loan, which measures a borrower\u2019s income using pay stubs and tax returns. Due to this, entrepreneurs and those who do not receive a <\/span><span style=\"font-weight: 400;\">W-2<\/span><span style=\"font-weight: 400;\"> from an employer often do not qualify for a mortgage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/bank-statement-loans\/\"><span style=\"font-weight: 400;\">bank statement loan<\/span><\/a><span style=\"font-weight: 400;\"> is the perfect solution for those who need an alternate way to verify their income to ensure mortgage approval. Instead of qualifying for a home loan based on your income taxes, bank statement loans are a <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/bank-statement-loans\/no-income-verification-mortgage\/\"><span style=\"font-weight: 400;\">no-income verification mortgage<\/span><\/a> <span style=\"font-weight: 400;\">where qualification is based on your bank statements as opposed to your tax returns.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a bank statement loan, the lender typically requires several <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/bank-statement-loans\/how-many-months-of-bank-statements\/\"><span style=\"font-weight: 400;\">months of bank statements<\/span><\/a><span style=\"font-weight: 400;\"> to prove you are financially able to repay the loan. To qualify for this type of financing, you will usually need to provide a lender between 12 and 24 months of bank statement deposits. In some cases, you may even be able to secure a three month bank statement loan if you\u2019re an exceptionally qualified borrower. This type of financing is also a great option for retirees looking for a <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/bank-statement-loans\/retirement-mortgages\/\"><span style=\"font-weight: 400;\">retirement mortgage<\/span><\/a><span style=\"font-weight: 400;\"> since it allows them to qualify on their bank deposits, savings or investment income.<\/span><\/p>\n<h3>Types of Bank Statement Loans<\/h3>\n<p><span style=\"font-weight: 400;\">Bank statement loans come in different forms to fit the unique needs of borrowers with non-traditional income.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether you\u2019re buying a home, refinancing your mortgage, or tapping into your home\u2019s equity, bank statement loans provide flexible options tailored to your financial situation.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/bank-statement-loans\/\"><b>Bank statement purchase loans<\/b><\/a><span style=\"font-weight: 400;\">: These loans are designed for self-employed borrowers or individuals with non-traditional income who want to buy a home. Instead of relying on pay stubs or tax returns, this loan allows you to qualify based on your bank deposits.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/self-employed-refinance\/\"><b>Bank statement refinance loans<\/b><\/a><span style=\"font-weight: 400;\">: Bank statement refinance loans enable you to tap into your home\u2019s existing equity and convert it into cash. You can adjust your existing mortgage by extending your loan term, locking in a better interest rate, or changing certain loan terms.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/bank-statement-loans\/\"><b>Bank statement home equity loans<\/b><\/a><span style=\"font-weight: 400;\">: These loans allow you to tap into your home\u2019s equity to access funds for major expenses, investments, or emergencies. Instead of going with a traditional income verification, bank statement home equity loans use bank statements to determine eligibility.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/pl-loans\/\"><b>P&amp;L loans<\/b><\/a><span style=\"font-weight: 400;\">: Profit and loss (P&amp;L) loans are specifically designed for business owners whose taxable income may not reflect their actual financial situation. This type of loan uses P&amp;L statements instead of tax returns to verify income.<\/span><\/li>\n<li><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/1099-mortgage-loans\/\"><b>1099 loans<\/b><\/a><span style=\"font-weight: 400;\">:<\/span><span style=\"font-weight: 400;\"> 1099 mortgage loans allow independent contractors and gig workers to use their self-employment income for homeownership without the traditional W-2 requirements.<\/span><\/li>\n<\/ul>\n<h2>How to Use the Bank Statement Loan Calculator<\/h2>\n<p>Determining how much you can afford to borrow when securing a home loan can help you start the search for your dream home before applying for a loan. We can help you determine how much home you can afford based on your current financial situation. Follow these steps to get an estimate of how much home you can afford using a bank statement loan:<\/p>\n<h3>1. Check Your Loan Type<\/h3>\n<p>Our bank statement loan calculator works for personal and business property loans to help borrowers of all types determine how much they can afford to borrow.<\/p>\n<h3>2. Enter Bank Statement &amp; Other Income Information<\/h3>\n<p>Your income is a significant factor in determining your ability to repay. Enter your bank statement income and share your gross annual income and down payment amount to determine your loan amount. Remember, the higher your down payment, the less you\u2019ll need to borrow. Additionally, a down payment of 20% can help you avoid private mortgage insurance (PMI) that increases your monthly payments.<\/p>\n<h3>3. Provide Monthly Debt Information<\/h3>\n<p>Your monthly debts are subtracted from your monthly income to determine how much cash you have on hand throughout the month. Debts included are:<\/p>\n<ul>\n<li aria-level=\"1\">Credit cards<\/li>\n<li aria-level=\"1\">Mortgages<\/li>\n<li aria-level=\"1\">Auto loans<\/li>\n<li aria-level=\"1\">Student loans<\/li>\n<li aria-level=\"1\">Personal loans<\/li>\n<li aria-level=\"1\">Child support and alimony<\/li>\n<\/ul>\n<h3>4. Indicate Monthly Housing Expenses<\/h3>\n<p>Monthly housing expenses include property tax, PMI, HOA fees, utilities, and homeowners insurance. Our bank statement mortgage calculator considers these monthly housing expenses, subtracting them from your total monthly income to determine the loan amount.<\/p>\n<h3>5. Enter Available Fund Amounts<\/h3>\n<p>How much have you saved for purchasing a home? Entering your available funds saved for down payment, closing costs, and maximum principal and interest (PI) payments can help determine whether you can afford the loan and associated costs.<\/p>\n<h3>6. Provide Funding Information<\/h3>\n<p>Tell us about the loan you want, including the term, interest rate, down payment, home price,<br \/>\nestimated closing costs, and total loan amount.<br \/>\n<div class=\"cta_banner gold_cta\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/gold-background-1.png)\"><h3>Download the Griffin Gold app today!<\/h3><p>Take charge of your financial wellness and achieve your homeownership goals <br><br>\r\nUse invitation code: <b>GRIFGOLD<\/b> to register.<\/p><div class=\"stores\"><a href=\"https:\/\/apps.apple.com\/us\/app\/griffin-gold\/id6460034387\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/apple-icon.svg\" \/><\/a><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.griffinfunding.gold\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/google-store.svg\" \/><\/a><\/div><\/div>\n<p>&nbsp;<\/p>\n<h2><b>Key Benefits of Bank Statement Loans<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Bank statement loans are a great option for self-employed individuals, freelancers, and business owners with non-traditional income. These loans offer flexibility and accessibility that traditional mortgages often lack.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other key benefits include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Qualify with bank statements<\/b><span style=\"font-weight: 400;\">: Borrowers can qualify using 12-24 months of bank deposits instead of W-2s or tax returns.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High loan limits<\/b><span style=\"font-weight: 400;\">: Higher loan limits allow you to borrow up to $20 million in home financing.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Down payments as low as 10%<\/b><span style=\"font-weight: 400;\">: Qualified borrowers can get a bank statement loan with as little as 10% down.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Purchase vacation and investment properties<\/b><span style=\"font-weight: 400;\">: Bank statement loans can be used to buy not just a primary residence, but also vacation homes and investment properties.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Streamlined application process<\/b><span style=\"font-weight: 400;\">: Bank statement loans often have a simpler application process, especially with experienced lenders.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Flexible qualification requirements<\/b><span style=\"font-weight: 400;\">: There is higher credit flexibility available to borrowers with lower credit scores compared to traditional loans.<\/span><\/li>\n<\/ul>\n<h2><b>Bank Statement Loan Qualification Requirements\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">I<\/span><span style=\"font-weight: 400;\">nstead of relying on traditional documentation like W-2s or tax returns, these loans focus on your bank deposits to determine eligibility.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To qualify for a bank statement loan, borrowers must:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be self-employed or a business owner for at least two years.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide 12-24 months of personal or business bank statements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Minimum credit score of 620.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A down payment of at least 10% of the home\u2019s purchase price.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maintain a DTI ratio of 50% or lower.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide proof of business ownership, such as a license or registration.<\/span><\/li>\n<\/ul>\n<h2>The 28\/36% Rule<\/h2>\n<p>Your debt-to-income ratio is an important indicator of whether you can afford to pay back a loan by comparing how much you earn to your monthly debts. DTI requirements vary by lender, but generally, they want to see a DTI of 43% or lower. The ideal DTI is 36%, with 28% of the debt going toward the mortgage payment.<\/p>\n<p>In other words, lenders want to see 28% of your income spent on housing expenses and no more than 36% on total debts, including mortgage, credit card, and loan payments. This rule is often used to determine eligibility for a loan and can help borrowers determine if they can afford one.<\/p>\n<h2><b>Try Our Bank Statement Mortgage Calculator Today<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Are you ready to become a homeowner? Griffin Funding\u2019s bank statement calculator can help determine if now is the right time to purchase a home. As a nationwide mortgage lender, we offer a variety of loan programs for any type of borrower. Secure funding for your dream home by <\/span><span style=\"font-weight: 400;\">getting started online <\/span><span style=\"font-weight: 400;\">today.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Becoming a homeowner is a big step, and you must be financially prepared. Use our bank statement loan calculator to help you determine your maximum home price, loan amount, and estimated closing costs. How Do Bank Statement Loans Work? For certain individuals, their yearly income taxes do not reflect their actual income. This is especially<a class=\"moretag\" href=\"https:\/\/griffinfunding.com\/blog\/bank-statement-loans\/bank-statement-loan-calculator\/\">&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":5565,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[74],"tags":[],"class_list":["post-6350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-statement-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bank Statement Loan Calculator | Griffin Funding<\/title>\n<meta name=\"description\" content=\"Use our bank statement loan calculator to see if this financing option is right for you. 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