Monday, June 2, 2008

Estimating Mortgage Payments and How Much House We Could Afford

Guestimating Housing Costs

Buying a house is somewhat stressful. As I've mentioned, we're trying to move at the end of the year. One approach to our house hunt has been 'how much can we afford?'. We don't want to actually stretch ourselves to the very limit and buy exactly the most house we possibly could, but understanding where we are is going to be financially is important.

Today I'm sharing a spreadsheet I've created which is helping us understand what kind of price range we will be able to afford. I realize that these numbers are a little rough, but we're still months away from buying. The numbers will firm up as we draw closer and know exactly how much I'll be making next year, how much we will have saved up for a down payment etc.

You can download a copy to play with, if you'd like: Download as ODS , Download as XLS

Here's a snippet of the results. See the full spreadsheet here

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