This is probably the most miss leading mortgage calculator there is. In most cases families and individuals starting out, who plan to buy a home, don't pay the maximum rent they can possibly afford but rather stay in a rental property as their income grows and start saving for a down payment to purchase their dream home.
The mortgage affordability calculator does not take that very impotent fact into consideration, however we have included it in our mortgage calculators line up as there seems to be a lot of interest in this type of calculation.
Real Estate Agents have traditionally relied on a calculation like this to convince those who think they can not afford to purchase otherwise, but as stressed above the renter affordability calculator will only serve those renters who pay the maximum possible rent they can afford and still managed to save enough money to pay for the down payment and closing costs of new home purchase.
If the above describes your situation, them we recommend you visit our mortgage qualifying calculator which will be a more suitable tool for calculating the maximum mortgage amount that you are qualified for.