Specialized calculators are essential for budgeting transparency and accessibility. You can’t live a sustainable debt-free life without a balanced budget. Budgets are even more necessary if you have debt, both to avoid digging a deeper hole and to help you in getting out. Recently, MortgageCalculators.info reached out to me for some honest feedback on their site. I tried the mortgage affordability calculator and I found that it was very easy to use. The pre-filled calculator uses your location automatically for accurate information on mortgage calculations based on your zip code. It’s very easy to edit using specific information you have regarding loan terms and debt to income percentages.
Unassuming and Intuitive Mortgage Calculator
I greatly appreciate the clarity of the calculator’s form. For example, where the form asks for income information, it is specific enough to note that your pre-tax gross income and your spouse’s after-tax income are needed for the calculation. I like this detail because the question of pretax or after-tax income always confuses me in these situations. So often that knowledge is just assumed when it could easily be stated in the question as it is here.
The calculator assumes other information, such as DTI or debt-to-income ratio. There is a spot to fill out for front end (house payment) DTI and back end (total monthly debt divided by monthly income) DTI. The calculator could better explain this to the user. However, the form comes prefilled here. You only have to adjust it if the requirements are different. You will know of any changes to accepted DTI percentages after speaking with your banker about a loan.
It’s tricky because if you are serious about buying a home, you may already have this information at your disposal. If you don’t know it, you likely won’t need it for this calculation. But if you don’t know what you don’t know, this calculator could potentially confuse you by asking for information you don’t necessarily need. Having said that, I do appreciate that it is intuitive and pre-filled with the option of editing with new information.