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Good online mortgage calculator

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  • 20-06-2012 7:33pm
    #1
    Jammie01
    Registered Users Posts: 55 ✭✭


    Can anyone point me towards a good online calculator that would give a rough guide of what mortgage amount you could afford to borrow?

    Saw mortgages.ie one but it seems to be quoting amounts from Celtic tiger times!

    Or is there a rough multiple of combined salary banks are going by these days provided deposit and all other criteria are met?


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    #2
    air
    Registered Users Posts: 2,822 ✭✭✭air


    The current affordability criteria currently in use based on what I've read on here are that your monthly repayment leaves you with a minimum of 1500 / month assuming interest rates of 6%.
    On this basis, take your net monthly salary, subtract 1500 for living expenses and this leaves you with your maximum mortgage amount.
    Use this figure and put it into the calculator and get it to reverse calculate your mortgage principle.
    Then add 10% to your result to account for a deposit and you have the maximum amount that you can buy a house for - assuming you get approved based on these figures!
    http://www.drcalculator.com/mortgage/


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