First time mom! asked:


I know the best answer to this is to contact a professional but we aren’t at that stage yet. I was just wondering if anyone could tell me about how much we can afford to spend on a home if we would like a house payment of about $1100.00. We do not want to put any money down. Thank

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Eileen asked:


How much house can I afford if…

Okay so let’s say I live in a 600,000 dollar house that I am planning on selling. I also make 200,000 a year. How much house can I afford? Just a general idea.
the family is 2 parents and a kid. 200,000 is what both parents earn together.
bought the house in 1994 for 250k. the other houses on the block that are the exact same size and same look as our house sold for 600k so prob. around there.
this is about my family and my house.
i don’t know much about real estate. i’m only 15.
i’m asking people we were driving down this street of really nice houses. and i was wondering if my dad could afford one of them.

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glen asked:


i was reading on “how much house can you afford” and it was saying that banks determine how much you qualify to borrow by adding all your debts up and your monthly mortgage payment and it needs to equal “36%” or less of your monthly income, is that gross, or bring home?

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wolfmn26 asked:


Here is the formula I came across that I’m going to use:

monthlyPayment = (principle * monthlyInterest) / (1 - pow((1 + monthlyInterest), - monthlyTerm);

I need to know what the “pow” is for

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morphicsaiyan asked:


Can someone help me flesh out the details of this? I need to make a mortgage calculator in java does the following
The user will be asked to enter to the amount of the mortgage loan, the term in years of the mortgage, and an annual interest rate. The amount of the mortgage loan shall be greater than 0 and not exceed 10,000,000 dollars. The minimum term for the loan is five years, with a maximum of 30 years. In addition to the user being able to supply the mortgage information the application will display three of the most commonly used mortgages and the user shall be able to select these mortgages instead of supplying the mortgage information. Once the user has provided the mortgage information, the program shall calculate the monthly mortgage payment and the amortization table for the life of the mortgage. For each month the amortization table shall display the loan period, loan balance, principal balance, interest balance, principal paid and interest paid.

Here is mortgage payment formula.
PMT = (PV x IR) / (1 - (1 + IR)^-NP)

Where:

PMT = Monthly Payment
PV = Principle Value (amount of loan)
IR = Interest Rate, by month
NP = Note Period, or mortgage term in months

IR = apr/100/12
NP = term * 12

if Apr > 0 AND APR <= 100 then
PMT = (Principal * IR)/(1-(1 + IR)-np)
else if Apr = 0
PMT = Principal/NP
end if

I need help I am not so good with Java. As long as i get the calculator part of this done i think i can handle the rest.

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noel1426 asked:


My fiance and I are planning on buying a house, and I would just like to know, how much do you think that a couple should make, jointly, in order to pay for a house and all the bills that come along with it.

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