You probably hear many different opinions from different people on how much home you can afford. That is because there are so many different factors that need to be considered, and everyone's situation is different.
It is very important to not "over-buy" when purchasing a home. The last thing you want is to be tied down by your mortgage payment. I recently found this handy calculator on MSN Money that can help guide you in deciding how much home to buy. It calculates a suggested home price based on:
Income
Monthly Expenses
Length of Mortgage
Interest Rate
Down Payment
Credit Rating
I tried it out and it seems to work pretty well. Of course, a lending professional is the best guide for deciding what price is right for you, but this might be a good start. Give it a try and let me know if it work for you. Here is the link address to use the calculator:
http://articles.moneycentral.msn.com/Banking/Loan/HomeAffordabilityCalculator.aspx
Thanks!
Rick Reardon
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