Do the mustachians have any favorite home affordability calculators?
I've used the Rent vs. Own calculator and even in Orange County, CA I should buy a home.
(
http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html)
The problem is the mortgage calculators I've found vary wildly.
I've found some 'rules of thumb': 30% of pay pre-tax, 30% pay after tax, 1.5 - 3x salary
I've found some possible estimates: yearly maintenance is 1-3% of home price
I've been given some guidance: HOA's cost more than maintaining similar service on a single family home
Given the wide variety, I'd like to take into consideration the opinion I trust most, the Mustachian community!
If nothing currently exists, I'd love to make a web app for anyone facing the same dilemma.
The data (feel free to correct):
Single Family Home:
Price: 500,000
Down: 100,000 (400k loan)
Tax: 6,250 (1.25%)
Rate: 4.125%
Insurance: 1000 / yr
HOA: None
Costs: lawn care, repairs, maintenance
Utilities: electric, gas, water, trash
Intangibles: back yard, fruit trees, room to garden and build things (including new skills)
Townhouse:
Price: 400,000
Down: 100,000 (300k loan)
Tax: 5,000 (1.25%)
Rate: 4.125%
Insurance: ? / yr ($? lower as the HOA covers the outside + hazards)
HOA: 350 / mo
Costs: interior repairs
Utilities: electric (rest either covered by HOA or not available like gas)
Intangibles: 5mi closer to work, bike friendly, closer to stores, closer to fun free things like the beach, could probably sell a gas cheap gas guzzler
The person/people:
$100,000 after tax income
No debt
Fairly mustachian with a silly 2 car clown habit
Solid job
great credit
Rental rate of similar homes in market: 1650 (1bd/1ba) - $2500/mo (3bd/2ba)
Given the above admittedly rounded numbers, what advice could you give?