Comments on: 5 Ways to Calculate How Much House You Can Afford http://www.doughroller.net/mortgages/how-much-house-can-i-afford/ Money Management and Personal Finance | The Dough Roller Sun, 12 Feb 2012 23:24:19 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: cindy cavanaugh http://www.doughroller.net/mortgages/how-much-house-can-i-afford/comment-page-1/#comment-53228 cindy cavanaugh Mon, 21 Nov 2011 18:00:01 +0000 http://www.doughroller.net/?p=7625#comment-53228 Me and my husband filed a chapter 7, due to medical bills and a seperation. What do we have to do to get our credit in shape or what do you suggest to be able to get a home loan. Before the chapter 7 I had outstanding credit. Could you please assist me in this matter. Me and my husband filed a chapter 7, due to medical bills and a seperation. What do we have to do to get our credit in shape or what do you suggest to be able to get a home loan. Before the chapter 7 I had outstanding credit. Could you please assist me in this matter.

]]> By: Al http://www.doughroller.net/mortgages/how-much-house-can-i-afford/comment-page-1/#comment-15607 Al Tue, 03 Nov 2009 14:35:33 +0000 http://www.doughroller.net/?p=7625#comment-15607 There is more to this problem. One must take into consideration landscaping and home maintenance.While a new home will not require much maintenance or landscaping costs initially there will eventually be large expenses such as water heater malfunction, air condtioning/ furnace replacement (most units are warrantied for 10 years, major appliances, roof replacement(usuallly last 15 to 20 years. Landscape maintenance is also very costly even if you do the work yourself. I found this out recently when I had to do all these within 2 years. I had the resources to go through this huge hit financially. So saving at least 10 % of your gross income is the solutuion.("The Richest Man in Babylon") Al There is more to this problem. One must take into consideration landscaping and home maintenance.While a new home will not require much maintenance or landscaping costs initially there will eventually be large expenses such as water heater malfunction, air condtioning/ furnace replacement (most units are warrantied for 10 years, major appliances, roof replacement(usuallly last 15 to 20 years. Landscape maintenance is also very costly even if you do the work yourself. I found this out recently when I had to do all these within 2 years. I had the resources to go through this huge hit financially. So saving at least 10 % of your gross income is the solutuion.(“The Richest Man in Babylon”) Al

]]> By: DR http://www.doughroller.net/mortgages/how-much-house-can-i-afford/comment-page-1/#comment-15324 DR Fri, 09 Oct 2009 09:19:03 +0000 http://www.doughroller.net/?p=7625#comment-15324 Pete, thanks for letting me know. Pete, thanks for letting me know.

]]> By: Pete http://www.doughroller.net/mortgages/how-much-house-can-i-afford/comment-page-1/#comment-15318 Pete Fri, 09 Oct 2009 03:10:24 +0000 http://www.doughroller.net/?p=7625#comment-15318 Your math isn't working on some of the calculations. 28% of $50K, spread over 12 months is $1,167 Your math isn’t working on some of the calculations. 28% of $50K, spread over 12 months is $1,167

]]> By: Andy http://www.doughroller.net/mortgages/how-much-house-can-i-afford/comment-page-1/#comment-15183 Andy Sun, 27 Sep 2009 20:22:51 +0000 http://www.doughroller.net/?p=7625#comment-15183 Don't forget to factor in property taxes for your escrow account. They can be up to 30% of your monthly payments so are a big item to consider. Don’t forget to factor in property taxes for your escrow account. They can be up to 30% of your monthly payments so are a big item to consider.

]]> By: kenyantykoon http://www.doughroller.net/mortgages/how-much-house-can-i-afford/comment-page-1/#comment-15172 kenyantykoon Sun, 27 Sep 2009 12:34:03 +0000 http://www.doughroller.net/?p=7625#comment-15172 this is one of your more compex posts. i didnt think that there was this much to consider when buying a home. and this is just the finances, there are other things too like the neighbours and schools and stuff. i think i may rent a little longer :) this is one of your more compex posts. i didnt think that there was this much to consider when buying a home. and this is just the finances, there are other things too like the neighbours and schools and stuff. i think i may rent a little longer :)

]]> By: Tyler http://www.doughroller.net/mortgages/how-much-house-can-i-afford/comment-page-1/#comment-15102 Tyler Thu, 24 Sep 2009 18:24:42 +0000 http://www.doughroller.net/?p=7625#comment-15102 I would suggest deciding the highest monthly payment you are comfortable with for a 15 year mortgage, then getting a 30 year mortgage for that amount. The just make extra principal payments each month to bring your total monthly payment what you thought you could afford for the 15 yr. This allows you pay the mortgage off in about 15 years and avoid a lot of interest, but still provides you with the flexibility in the event of a job loss, emergency, or just make a desired lifestyle change in the future. As long as rates for the 15 year and 30 year are close this seems to be the best solution to me. I would suggest deciding the highest monthly payment you are comfortable with for a 15 year mortgage, then getting a 30 year mortgage for that amount. The just make extra principal payments each month to bring your total monthly payment what you thought you could afford for the 15 yr.

This allows you pay the mortgage off in about 15 years and avoid a lot of interest, but still provides you with the flexibility in the event of a job loss, emergency, or just make a desired lifestyle change in the future.

As long as rates for the 15 year and 30 year are close this seems to be the best solution to me.

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