HouseMath 2.0 lets you calculate all the costs associated with your new purchase and gives you a true monthly cost of owning your new home.
Online property searches are evolving quickly and are morphing away from simply displaying listings on a map. Adding the proper context to the data, like Trulia’s heat maps or Oodle’s Index or Shackprices‘ neighborhood suggestions, is the next frontier of real estate online.
This is a little different from the mortgage calculators - it lets a buyer quickly see if they can afford the property they are looking at. Most mortgage calculators only work as function of the term, down payment and interest rate and are therefore not truly reflective of the full cost of home ownership.
HouseMath really helps you decide if you can afford the house of your dreams or not. It gives you a very detailed analysis what it’s going to cost you per month to own that home. It even gives you a number of charts so you can see what a buyer can truly afford. It seems to me this could be particularly useful for investors as well.
Remember, this is still in a beta stage, so therefore HouseMath is not live in all cities right now and does not have complete market data for all of its cities (i.e. some cities are limited to condos, or houses).
Also, I can’t tell you how accurate Housemath’s calculations are, but please, feel free to try it out and then leave a feedback for others.
Thank you very much for taking the time to check out HouseMath. I am the guy who built the site as a tool to help home buyers and home sellers understand the mathematics behind their decisions.
You are right, not all the cities are there. People have been making requests and I will be adding new ones (takes a couple of hours to add a new city). If any of you have ideas, email the address on the site.
Also, as far as calculations go. I do not want it to see I am pulling numbers out of a hat. So, I build a wiki that has a very thorough and detailed explanation of the math behind every number you see on screen. (As with cities it takes an hour or so to add a new wiki section for a city, so Chicago is next on my list). But, check out
http://wiki.housemath.us
-Kirill Sheynkman
HouseMath 2.0
Great tool Kirill, I hope you’ll get Chicago on the list soon, since the real estate market is huge here.
Wanted to compliment on your site, it looks really good .
Hank