The online affordability calcs are not how it’s actually calculated…This quote is hidden because you are ignoring this member. Show Quote
(Rate+2% @ 25yr am (if high ratio) or 30yr if not + property taxes + $75 - $125 for heat (depending on lender or sqft) + half condo fees (if applicable)) /0.39 = gross income needed
then if you have other bills they have to be 5% or less of your gross income or you will start eating into that. Typically that’s monthly payment for instalment loans, 1-3% of balance for revolving balances… and if LOC of larger than $25k it’s amortized as if it was a mtg @ benchmark and 25yr am… some lenders limit, other’s balance