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Please help: Is this calculator accurate?
Old 11-18-2007, 06:49 AM   #1
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Please help: Is this calculator accurate?

I'd asked a question in the last thread I started. Can someone take the time to comment and/or direct to a more accurate calc?

Mortgage Guide


Thanks,
MFG
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Old 11-18-2007, 07:04 AM   #2
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Mary, that calculator is apparently one used by several mortgage related websites as a guide to estimate what you can qualify for. As such, it is probably reasonably accurate.

You might want to run your numbers through a couple more just for comparison. I did a quick google and found this one:

CUNA Calculator: How Much House Do I Qualify For?
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Old 11-18-2007, 07:13 AM   #3
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Mary, one more thing to remember: When it comes to mortgages it's usually better to end up with not quite as much house as you wanted than not quite enough money to pay your other bills...
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Old 11-18-2007, 07:15 AM   #4
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Looks pretty straight up, but the real test is to plug in your own information...how much you spend on living expenses, etc. These calculators are based on typical patterns...not necessarily yours...
Good luck!
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Old 11-18-2007, 07:26 AM   #5
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Quote:
Originally Posted by REWahoo View Post
Mary, one more thing to remember: When it comes to mortgages it's usually better to end up with not quite as much house as you wanted than not quite enough money to pay your other bills...
Great point. Trust me, I'm not looking for a mansion. Just want something to guide me.

Thanks!
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Old 11-18-2007, 07:38 AM   #6
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Simple rule of thumb is, assuming your expenses are lean and your other debt is minimal, is to take 2.5 X your income as the MAXIMUM home mortgage your can afford. Example: $50K income times 2.5 is a $125K Mortgage. To the mortgage amount ADD your down payment that should keep you is very safe territory (reference REWahoo) as to the total home cost. (Notice the distinction between Mortgage and Home; the distinction is more important today with the high prices of homes).
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