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Old 08-23-2012, 07:09 PM
 
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I am starting the first stages of planning to have our new house custom built. I have been playing around with various calculators to determine how much house we can afford so we know which plans to look at from the builder. My question is regarding the 'monthly debits' part of the calculation. Should I be including my current mortgage payment in that calculation? I have searched around and have found conflicting answers. Thank you.
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Old 08-24-2012, 06:12 AM
 
Location: A blue island in the Piedmont
34,153 posts, read 83,233,735 times
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Quote:
Originally Posted by bmantz65 View Post
Should I be including my current mortgage payment in that calculation?
No. The exercise is to find out what your OTHER obligations cost you...
and then how much is left over to pay a mortgage with.
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Old 08-24-2012, 08:54 AM
 
1,146 posts, read 1,417,231 times
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Originally Posted by MrRational View Post
No. The exercise is to find out what your OTHER obligations cost you...
and then how much is left over to pay a mortgage with.
Ok, thank you. Does a car payment count in the calculation? The car loan has my wife as the primary person on the loan, does that make a difference? When I got my first mortgage, I did not have a car payment.
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Old 08-24-2012, 11:40 AM
 
Location: A blue island in the Piedmont
34,153 posts, read 83,233,735 times
Reputation: 43752
Quote:
Originally Posted by bmantz65 View Post
Does a car payment count in the calculation?
Of course it counts.
They'll look for the other things you SHOULD be spending on toobut aren't
(like savings and retirement)

Affordable Home Calculator from CNNMoney
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