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Reply to "What $PITI should we aim for..."
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[quote=Anonymous]Beware those online calculators. Even the ones where you can adjust your percent debt to income ratio to get the answer. I find that even conservative traditional estimates of debt-to-income are very aggressive for me. For example, some banks will approve 42 or even 45%% of gross income in debt payments. Others will only go up to 35%. The old conventional wisdom for "frugal people" is 28%. So I went to the zillow mortgage affordability calculator, put in all relevant info and 28% and this thing told me I'm good with 12k PITI. My mortgage lender would have approved me for $18k!! Yeah, f*ck that. Maybe if I started driving a corolla, taking zero vacations, considering Applebees a "nice meal", then I guess 12k would be no problem[/quote]
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