How to use a mortgage calculator?
I’m trying to figure out how much house I can afford. I’ve been putting numbers into mortgage calculators and was curious what exactly counts into “total monthly debt.” Is it just credit cards and loans or is it also obligations such as cell phone, tv, utilities, etc.?
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August 21st, 2010 at 7:09 pm
Just figure 3 times your annual income as the max price of the house you can afford.
August 22nd, 2010 at 6:06 am
Debt = money you owe.
August 23rd, 2010 at 11:46 pm
well how much do you make and how much o fa down payment do you have?
August 24th, 2010 at 5:21 pm
Don’t use a mortgage calculator and don’t listen to people on YA, go see a lender and get qualified by a professional that knows what they are doing.
Edit:
Using 3 times your income to determine your eligibility is ridiculous. It does not work. A person that makes $12,000 / year cannot qualify for a $36,000 house and a person that makes $250,000/ year can qualify for more than a $750,000 house. Someone who makes $1000 a month and has 50% of their in some used on a mortgage has $500 left and that’s unlivable. A person that makes $20,000 a month and uses 50% of their income has $10,000 a month, that’s a big difference!
As I said, speak to a loan officer who knows what they are doing.
August 26th, 2010 at 5:29 am
hi
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