Hi @whiskey - great calculators! Couple points
With a conservative approach, no more than 36% of your income will go towards debts and no more than 28% will be allocated for all housing expenses.
if someone’s goal is to have financial security, independence, early retire, they shouldn’t focus on a 28% allocated to home debt; once you purchase a home there is a “secret” 500-1000/mo you should save for repairs and up-keep. That would stress your ability to invest and save for your future or spend money on experiences.
So, taking that in mind, or even using their numbers – your ‘house payment’ (not to be confused with housing expenses) should be lower than 25% of your net income including principle, interest, taxes and insurance with a ‘plus buffer’ to have maint costs in the 25% range…
I purchased a house that was very “frugal” for my income and it still ‘hurts’ from time to time – new roof, new deck, new heater, water heater, new floors, etc… (sounds like a lot because it is over 20 years)… the undocumented costs and responsibility of home ownership is significant and should be considered as monthly expense over time instead of emergency costs that hit us hard in our lifestyle.
Keep the calculators coming! I’m just sharing my life experience – I appreciate you sharing, I hope you and the community appreciate my sharing as well… I could be wrong, I’ve been wrong before – it’s a learning experience.
NWOutlier - SteveC