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Buying a house

Why is when I do an affordability caculator it says I can only afford a $65,000 house, but when I do a payment calculator (based on monthly payments I know I can afford with PITI) it says I can afford a $115,000 house??


Asked by Anonymous at 5:24 PM on Jul. 30, 2010 in Home & Garden

This question is closed.
Answers (3)
  • All of those calculators factor in different things and are really only a guide. The affordability one may be assuming you have a higher cost of living than you actually do, or it may be leaving more of a cushion for unexpected things than you might have included in your own planning. You'll find that you may qualify for a loan in a completely different range too. When my husband and I recently moved to a bigger house the bank was willing to loan us more than twice what we were willing to spend.

    Answer by TweenAndTwinMom at 5:29 PM on Jul. 30, 2010

  • I am not sure about those two different numbers....but I know one thing for sure...always aim for lower . You will be happier when you are not so strapped for payments!

    Good luck :)

    Answer by mom2twobabes at 5:25 PM on Jul. 30, 2010

  • Here, here to mom2twobabes - go for what you can afford but buy in the worst house in the best location (not the other way around).

    Answer by tasches at 5:30 PM on Jul. 30, 2010