Is this calculator crap?

It's not a bad tool if you fill it out properly and view the conservative result as the maximum you can afford.

Additionally, is your accountant saying you can afford a $10mm home, but the tool spits out $11mm or your accountant say $1mm, but the tool say $2mm? In either case, you should ask how your accountant arrived at the number he/she gave you. Your accountant might be very conservative or knows that you're very conservative.

I would use 75% of my income as input and assume I still have 3 years of expenses after closing. This is in case I lose my job and ends up getting a job that pays less. Sometimes I feel like quitting just to find a less stressful job and perhaps with fewer hours. It will obviously mean a paycut.

I'm too lazy to look at that tool, but I'd guess it doesn't take into account maintenance/CC, much less liquidity requirements.

Thanks Sunday. Yeah, like cpa says $1, but calculator says $2. But, you're right, we're conservative. So, seems this calculator is misleading. What's nu!

Yer rite, alan. Guess it's not geared to coop/condo, but it assumes re tax of $3500.

If anyone finds a decent coop/condo "how much can I afford" calculator, please post it. And, not the NYTs one cause that's apparently misleading.

dank

You can use this calculator for a coop or condo -- just multiply the total monthlies by 12 and put that number in the "taxes" field.

Thanks Miette, I'll try it.

Also, make sure to remove your 401k contribution/other savings from your gross income, and put any private school tuition in the debts.

Maly, I hear ya, but, I gotta tweek it so much, it's almost worthless, kwim?

dwell, it is worthless. all such affordability calculators are worthless except for the most simple of situations. your cpa, if you trust her/him, is the way to go.

Dwell: you don't need a calculator to tell you that for most types of properties, one would be foolish to buy now.