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Open Question: How much can u afford calculator says im buying more than i can afford

Open Question: How much can u afford calculator says im buying more than i can afford

This is a discussion on Open Question: How much can u afford calculator says im buying more than i can afford within the Mortgage Calculator forums, part of the Mortgage and Loans Forum category; Im closing on my house in 2 weeks, and i just did one of those "how much can you afford" ...

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06-14-2008, 04:39 AM

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Open Question: How much can u afford calculator says im buying more than i can afford

Im closing on my house in 2 weeks, and i just did one of those "how much can you afford" calculators but im not sure its right. Here are the details.Take home pay is 4,000 per month. (i pay taxes at end of the year usually less than 400$ for the year)30 year fixed @ 4% interest (yeah pretty low, right?)100% financed 95% First mortgage 5% silent secondPurchase price 219kPITI & MI = $1,350 per monthno car paymentno credit card paymentno debt of any kindI thought i was doing pretty good, but this website says the max i can afford is 180k even at that low interest rate. Strange because lender said i qualify for over 300k+ but I felt i didnt want to get over my head so i picked a less expensive place. What do you think?

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