mortgage calculators on websites...trust them?

Well I know they are not going to be completely accurate but I am on Fannie Mae's site and I put in our wages, debt, down payment and then it gives a range of rates so I put from 5.5 to 6.7 just to see the comparisons.

Granted the results are bases on houses under $300,000 but it is telling me I can afford double what I pay now in rent!

I did realize that when they say 'monthly debt' they only mean what you are indebted for, not utility bills. Hmm. If this calculator has a ring of truth to it, this is good news.

Has anyone used a mortgage calculator and then got a mortgage that was similar to the results it gave you?

They are taking into consideration your gross income... so its looking at money you would get back from the government in tax breaks from owning.

For monthly payments... you really should include anything of importance to get a more accurate number. Car bills, insurance, cable, utilities, anything you pay for on a monthly basis.

But also remember that some calulators give you more generous estimates than others. Only you can determine what you can financially afford and feel comfortable with on a monthly basis.