I know "somewhere" there is a calculator online where you put in something like ...
Gross wages
Outgoing expenses
Credit card limits
Current mortgage
current VALUE of said mortgaged house
Then:
Asking price of IP
Deposit offered
Rent expected
And it spits out
How much you can borrow.
Anybody know what the heck I am talking about.
All the calculators I seem to find seem to be "how much can I borrow"
but don't seem to be accounting for any equity in PPOR.
Gross wages
Outgoing expenses
Credit card limits
Current mortgage
current VALUE of said mortgaged house
Then:
Asking price of IP
Deposit offered
Rent expected
And it spits out
How much you can borrow.
Anybody know what the heck I am talking about.
All the calculators I seem to find seem to be "how much can I borrow"
but don't seem to be accounting for any equity in PPOR.