![]() ![]() My gut reaction is it should be affordable but that assumes a "good" financial situation (little to no revolving debt, good credit, etc) which is a big assumption.Īnyways, sorry for the giant post. You can punch in the numbers and find your own conclusions. ![]() (I think because they compounded more frequently than my tool's formula does.) When I bought a house the monthly payment of my tool was $2 off of a ~$840 payment. $475 mortgage payment, of which on average for the first year is $364 a month in interestĮstimated monthly reduction in federal taxes ~$57 6% (guessing somewhere in the south or midwest for a 120k house) If the down payment is less than 20% then PMI is automatically estimated and added.Įffective Federal Tax Rate 13.4% (estimated here married, filing jointly, $56k/annum) The main things that are missing are maintenance/repairs, home owners insurance, and HOA fees. For example deducting the interest and other expenses. With that information it then estimates your total real cost of ownership. ![]() Or you can try a percentage look it up using this: You can look up the property in Zillow or Redfin to find almost exact numbers. Property tax as a percentage or dollar amountįor your effective federal tax rate you can look it up on your overall summary for the tax year (if you used turbotax) For your combined income it should be very low. Percentage down payment or dollar value of down payment In any case, the tool will estimate the monthly cost of the mortgage based on: If you look at the source all of the processing is done client side, nothing is going on server side, nor being sent back to the server. It's just a cheesy personal webpage but try: Ultimately I made my own web tool that I could reference on my phone while I was house hunting with the realtor. I was going through the same lines of thought when I was house hunting. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. As part of an affordability assessment, lenders will check your credit report to see how you’ve. But, ultimately, it’s down to the individual lender to decide. Our quick mortgage calculator can give you a good indication of the amount you could borrow based on 4 x your income. Banking Megathread: FDIC, NCUA, and your cash Find out how much you can borrow with our mortgage calculator.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests. ![]()
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