Can anyone suggest a good site that could give me a pretty accurate estimate of how much I could afford for a house payment.... this would include things like property taxes, insurance, etc?? Any help would be greatly appreciated! :)
2007-01-27 11:03:31 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Bankrate has a decent one. The link below is for the calculator. You may want to look around the site though, it has some other useful calculators and loan comparison rates from companies.
2007-01-27 11:17:04 · answer #1 · answered by Mariposa 7 · 0⤊ 0⤋
You have the link so I will give you my best advice. Be conservative! The last thing you want to do is stretch yourself thin.
A great way to do it is to sit down and figure out how much you make each month and how much you are required to pay out. Then add in different numbers of a house payment and see if you are able to live the lifestyle you want.
Then call a mortgage company and say "I want a payment of X, how much house can I buy?"
2007-01-27 22:47:18 · answer #2 · answered by Matthew L 2 · 0⤊ 0⤋
General rule of thumb in applying for a mortgage - your dti should be no more than 50%.
DTI is the debt to income ratio. This means that no more than half your monthly income should cover your bills including mortgage...
good luck
Rommel J. Mijares
mortgage consultant
2007-01-27 20:40:52 · answer #3 · answered by rmijares 2 · 0⤊ 0⤋