I get a $50,000 reduction in the amount I can afford if I go from $0 debt to $500/month and $15,000 total outstanding debt.
Okay, maybe that makes sense since I'd have 2.5 years of reduced income to make payments with.
But, if I reduce the total outstanding to $500/month and $500 total outstanding, that $50,000 reduction doesn't change.
Edit: One more thing: on Topic 4, the interest rate and minimum down payment percentage do not seem to change when I change the FICO range. They are both 3.25% no matter which score, except for the lowest range (which states I couldn't qualify). Also, if you can find me someone who will give me a 3.25% loan with 3.25% down in California (I have near perfect credit and strong numbers), I will literally pay you $10k cash on the spot :) Maybe you should be pulling actual rates/amounts from what people have actually been able to get in certain areas? (You could pull this info straight off the recorded TDs).
Otherwise, really cool tool that's relatively easy to use and looks nice!
On your point about our credit score page, we are working on a better way to present this. There are circumstances when a lender is will to offer the same or similar terms across credit bands because it is insured by the FHA.
FHA mortgages start at 3.5% down payments. Our decision engine only shows actionable opportunities (so we've made sure your income is in the right range and that the loan is within the limits defined by the FHA for your zipcodes). So providing your data inputs are accurate, we can help you get that mortgage (and help you find a charity to donate your $10k to). info @ smartasset period com.
I get a $50,000 reduction in the amount I can afford if I go from $0 debt to $500/month and $15,000 total outstanding debt.
Okay, maybe that makes sense since I'd have 2.5 years of reduced income to make payments with.
But, if I reduce the total outstanding to $500/month and $500 total outstanding, that $50,000 reduction doesn't change.
Edit: One more thing: on Topic 4, the interest rate and minimum down payment percentage do not seem to change when I change the FICO range. They are both 3.25% no matter which score, except for the lowest range (which states I couldn't qualify). Also, if you can find me someone who will give me a 3.25% loan with 3.25% down in California (I have near perfect credit and strong numbers), I will literally pay you $10k cash on the spot :) Maybe you should be pulling actual rates/amounts from what people have actually been able to get in certain areas? (You could pull this info straight off the recorded TDs).
Otherwise, really cool tool that's relatively easy to use and looks nice!