How To Use
The Home Affordable Modification Program (HAMP) calculator helps estimate the benefit you may receive by adjusting the terms of your existing first mortgage, if you are eligible. Most HAMP modifications will lower your monthly mortgage payment to 31% of your gross monthly income—the percentage used by our calculator.
The payment amount of a HAMP modification depends on a variety of factors, and your mortgage company may use different information to determine eligibility, so your individual results may vary from the results shown by this calculator.
If you are not eligible for HAMP and want to remain in your home, contact your mortgage company and ask about other available modification programs. Modification options exist for many different circumstances, even for homeowners who may have challenges documenting their income or providing other requested paperwork. These other modification programs may allow your payment to be adjusted to lower than 31% of your gross monthly income.
These results were calculated based on the Home Affordable Modification Program (HAMP) and your inputs regarding your existing mortgage information. Your mortgage company may consider additional factors in determining HAMP eligibility and potential savings, which may result in a different payment amount.
Please save this information (as a PDF document) or email it to yourself, so that you may have it as a reference when you speak with your mortgage company or a housing counselor.
Every situation is different. Your mortgage company may use different information to determine eligibility and your individual results may vary from the results shown by this calculator. Contact your mortgage company to determine your exact results and determine if you qualify for this option.