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Yahoo! Real Estate’s “How much house can I afford?” Calculator
September 10, 2007 on 11:19 pm | In Home Buyers, First Time Home Buyer, Real Estate Tips, Mortgages | 4 CommentsThe other day I told you about a basic, but very cool, mortgage calculator widget, that makes for a great addition to any real estate site. Today I’d like to bring to your attention another type of calculator, that may not come in the form of a widget for us webmasters to use, but it couldn’t be more important for home buyers, specifically first time home buyers.
Check out Yahoo! Real Estate’s “How much house can I afford?” Calculator. In addition to stupidly going with adjustable rate mortgages, the current surge in foreclosures is due to people not understanding how much house they can afford.
Folks today seem incapable of adding up their monthly bills (with high-ball estimates) and then comparing it with the low-ball estimate of what they make each month, and then determining from there, what they can afford. I don’t know why people don’t understand this, but the “how much house can I afford” calculator eliminates the excuses from those who are incapable of figuring out their budget.
Update: Bank of Green is sharing this calculator, along with a list of other mortgage calculators, with their readers.
Tags: mortgages, real estate budget, home buyer, first time home buyer, real estate calculator, budget calculator, mortgage calculator, how much house can I afford
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