Decent mortgage calculator

[bigbob77]

Does a decent one exist?

I want to calculate what we could (realistically) get as a mortgage for a first home.

There's loads out there, but all they ask is our salaries - and even then the results vary by over 50%.
Are there any that take into consideration existing debt and other factors that affect it? Or is there a simple way to work it out myself?

[scottri]

The nationwide one asks for other debt /financial commitments.

[Steve Evil]

Drop Sarnie on here an e-mail, he'll probably pop on in a bit and reply to this anyway. He'll be able to get you a good idea of what you can borrow and give you an idea of what it will cost you too.

[cliffe_mafia]

Karl Jeacle's is good -

http://www.drcalculator.com/mortgage/

ETA - might be not exactly what you want having reread the OP.

Cheltenham and Gloucester have an affordability one on their site to give a rough idea of affordability.

Edited by cliffe_mafia on Monday 11th February 09:50

[Sarnie]

bigbob77 said:

Does a decent one exist?

I want to calculate what we could (realistically) get as a mortgage for a first home.

There's loads out there, but all they ask is our salaries - and even then the results vary by over 50%.
Are there any that take into consideration existing debt and other factors that affect it? Or is there a simple way to work it out myself?

There will be lots of variations in the figures as lenders criteria will vary for example some lenders will do 5x income some will only do 3x income. Some will credit you with 100% of your bonus/commission/overtime others will only give 50%. Some lenders will ignore unsecured lending, others will take it off your salaries.

This formula will give you an idea of what your maximum lending will be;

Add both of your basic salaries together and times it by 5.
If you have other earnings such as bonus then half the annual figure and times it by 5.
Add the above together and this will give you the maximum you can lend.

If you have credit commitments then times the annual payments by 5 and deduct from the figure above.

This should give you an idea of what you can borrow. There are other factors that will come into play such as number of dependants but the above is a good starting point. Feel free to drop me a PM if you need anything more specific

[matt3001]

Sarnie just dropped you a PM.

[LeoSayer]

Wouldn't it be better to first work out what you could afford to pay each month?