After using the mortgage calculator here, it really makes me wonder if people really believe it. According to my salary, I can afford a $400K house. Not even close! After taxes, I can afford less than half of that. I am not at all surprised that people have went under with their homes. I hope the banks are much more conservative than this calculator. Scary. No thanks, I don't want to be house poor. Heck with that mortgage, I'd be homeless and car-less within a month.
