| WHAT CAN YOU AFFORD? |
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Name: |
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| Realistically
assessing your finances upfront will streamline the |
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| homefinding
process. |
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| Step 1 Monthly Income |
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Wages, salaries, business income after expenses |
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0 |
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Interest, dividends or rental income |
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0 |
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Other income(alimony, child support, pension or
Social Security) |
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0 |
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Total Monthly Income (Step 1) |
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$ |
0 |
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| Step 2 Monthly Non-Housing
Expenses |
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Food/Clothing |
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0 |
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Medical(including premiums and
prescriptions) |
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0 |
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Life insurance |
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0 |
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Child care |
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0 |
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Automobile expenses(loan, insurance, maintenance) |
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0 |
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Education/student loans |
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0 |
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Travel/recreation |
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0 |
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Monthly credit card payment |
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0 |
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Monthly bank loan payment(other than a mortgage) |
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0 |
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Alimony or child support you owe |
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0 |
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Savings and investments |
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0 |
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Income taxes |
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0 |
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Total Monthly Non-Housing Expenses
(Step 2) |
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$ |
0 |
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| Step 3 Amount Available for
Monthly Housing Expenses |
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Total Monthly Income(Step 1) |
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0 |
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minus total Non-Housing Expenses(Step 2) |
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0 |
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| Equals Amount
Available for Monthly Housing Expense (Step 3) |
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$ |
0 |
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| Step 4 Monthly Estimated
Housing Expenses |
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Mortgage loan payment(principal and interest -- See
Repayments Chart) |
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0 |
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Property taxes |
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C |
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0 |
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Life insurance |
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O |
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0 |
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Mortgage insurance |
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M |
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0 |
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Homeowner's insurance(liability, flood, fire) |
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P |
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0 |
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Utilities(heat, water, electrical, gas, trash
removal) |
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A |
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0 |
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Maintenance and repairs |
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R |
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0 |
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Other(assessments, homeowners association dues) |
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E |
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0 |
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| Total Monthly
Estimated Housing Expenses (Step 4) |
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$ |
0 |
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Compare Step 3 and Step 4 Totals. The Total Monthly
Estimated Housing |
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Expenses(Step 4) should not exceed the Amount
Available for Monthly |
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Estimated Housing Expenses(Step 3). |
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