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[null,"Affordable Home Calculator"]
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[null,"You'll want to have the following information ready:"]
[null," - Annual salary"]
[null," - Credit rating (or general idea of credit-worthiness)"]
[null," - Monthly debt obligations"]
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[null,"Ready?"]

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[null,"Your Results"]
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[null,"Determining Information"]
[null,"Gross Income:",null,null,null,null,null,null,null,null,"Your 2012 Federal income tax table:"]
[null,"Tax Filing Status:",null,null,null,null,null,null,null,null,"From","To","Tax rate"]
[null,null,null,null,"Standard Deduction:"]
[null,"Number of exemptions:",null,null,null,null,"(calculated automatically)"]
[null,"Federal Income Tax:",null,null,null,null,"(calculated automatically)"]
[null,"FICA/Payroll Taxes:"]
[null,"State Taxes:"]
[null,"Other Taxes/Adjustments:"]
[null,"Net Income/Take Home Pay:"]
[null,"Monthly Debt Payments:"]
[null,"Other Monthly Income Adjustments:"]
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[null,null,null,null,"Interest Rate:"]
[]
[null,null,null,null,"Property Taxes:"]
[null,null,null,null,"Annual homeowner insurance:"]
[null,null,null,null,"Down payment method:"]
[null,null,null,null,"Down payment value:"]
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[null,"Anticipated Approval"]
[null,"Banks use different calculations to determine your ability to pay a mortage.  One of these calculations is called the \"back end ratio\", which accounts for your income and other debt obligations.  The following shows values based on a conservative and an aggressive back-end ratio.  You might not be approved for any loan within this range, but it gives a ballpark idea of what you might be looking at."]
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[null,null,null,"Mortgage Amount",null,"Monthly Payment",null,"Purchase Price",null,"Downpayment"]
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[null,"Conservative:",null,{"$f":"-1*PV(InterestRate/12,30*12,(F30 - PropertyTaxes/12 - Insurance/12),0)","v":0},null,{"$f":"0.28 * GrossIncome/12 - MonthlyDebt","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",D30/(1-DownPayment),D30+DownPayment)","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",H30*DownPayment,DownPayment)","v":0}]
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[null,"Aggressive:",null,{"$f":"-1*PV(InterestRate/12,30*12,(F33 - PropertyTaxes/12 - Insurance/12),0)","v":0},null,{"$f":"0.33 * GrossIncome/12 - MonthlyDebt","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",D33/(1-DownPayment),D33+DownPayment)","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",H33*DownPayment,DownPayment)","v":0}]
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[null,"More Affordable Mortgages"]
[null,"Although you might be approved within this range, you should also consider your other expenses.  In general, you probably want your montly payments to represent 25% to 33% of your actual takehome pay.  Mortgages above this amount are more likely to place you in a situation where you feel \"house poor\"--paying so much money on your mortgage, property tax, and insurance payments that you don't have as much money left over for other endeavors."]
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[]
[null,null,null,"Mortgage Amount",null,"Monthly Payment",null,"Purchase Price",null,"Downpayment"]
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[null,"25%:",null,{"$f":"-1*PV(InterestRate/12,30*12,(F42 - PropertyTaxes/12 - Insurance/12),0)","v":0},null,{"$f":"0.25*(NetIncome/12)","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",D42/(1-DownPayment),D42+DownPayment)","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",H42*DownPayment,DownPayment)","v":0}]
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[null,"33%:",null,{"$f":"-1*PV(InterestRate/12,30*12,(F45 - PropertyTaxes/12 - Insurance/12),0)","v":0},null,{"$f":"0.33*(NetIncome/12)","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",D45/(1-DownPayment),D45+DownPayment)","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",H45*DownPayment,DownPayment)","v":0}]
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[null,"You'll notice these amounts are probably substantially less than the amounts above.  You might follow these guides and buy a bit smaller home than you might like, or you might choose to wait a bit longer before purchasing your home.  Remember, there's more to life than the house you live in.  Make sure to always plan ahead and have enough money to do the things outside your home that you want to do."]
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[null,"Taking Other Monthly Expenses into Account"]
[null,"If your other monthly expenses are taken out of your \"take home pay\", the \"more affordable\" figures above look like this:"]
[]
[null,null,null,"Mortgage Amount",null,"Monthly Payment",null,"Purchase Price",null,"Downpayment"]
[]
[null,"25%:",null,{"$f":"-1*PV(InterestRate/12,30*12,(F57 - PropertyTaxes/12 - Insurance/12),0)","v":0},null,{"$f":"0.25*((NetIncome + MonthlyAdjustments* 12)/12)","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",D57/(1-DownPayment),D57+DownPayment)","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",H57*DownPayment,DownPayment)","v":0}]
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[null,"33%:",null,{"$f":"-1*PV(InterestRate/12,30*12,(F60 - PropertyTaxes/12 - Insurance/12),0)","v":0},null,{"$f":"0.33*((NetIncome + MonthlyAdjustments* 12)/12)","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",D60/(1-DownPayment),D60+DownPayment)","v":0},null,{"$f":"IF(DownPaymentMethod=\"Percent\",H60*DownPayment,DownPayment)","v":0}]