How to use a mortgage calculator?

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I try to understand how the house I can afford. I’m numbers in calculators mortgage and was curious to know exactly what counts in “total monthly debt.” Are credit cards and loans, or it is also duties such as mobile phone, television, utilities, etc.?

  1. Reply
    May 2, 2011 at 7:00 am

    Just figure 3 times your annual income as the max price of the house you can afford.

  2. Reply
    Caveat Emptor
    May 2, 2011 at 7:57 am

    Debt = money you owe.

  3. Reply
    Billy Cunningham
    May 2, 2011 at 8:09 am

    well how much do you make and how much o fa down payment do you have?

  4. Reply
    May 2, 2011 at 9:05 am

    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.

    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.

  5. Reply
    May 2, 2011 at 10:03 am


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