What Can You Afford?
Realistically assessing your finances upfront will streamline the homefinding process.
| Wages, salaries, business income after expenses | ||
| Interest, dividends or rental income | ||
| Other income (alimony, child support, pensions or Social Security) | ||
Total Monthly Income (Step 1) $ |
||
| Food/clothing | ||
| Medical (include insurance premiums and prescriptions) | ||
| Life insurance | ||
| Child care | ||
| Automobile expenses (loan, insurance, maintenance) | ||
| Education/student loans | ||
| Travel/recreation | ||
| Monthly credit card payments | ||
| Monthly bank loan payments (other than a mortgage) | ||
| Alimony or child support you owe | ||
| Savings and investments | ||
| Income taxes | ||
Total Monthly Non-Housing Expenses (Step 2) $ |
| Total Monthly Income (Step 1) | ||
| minus total Non-Housing Expenses (Step 2) | ||
Equals Amount Available for Monthly Housing Expenses (Step 3) $ |
||
| Mortgage loan payment (principal and interest) | ||
| Property taxes | ||
| Mortgage insurance | ||
| Homeowner's insurance (liability, flood, fire) | ||
| Utilities (heat, water, electricity, gas, trash removal) | ||
| Maintenance and repairs | ||
| Other (assessments, homeowners association dues) | ||
Total Monthly Estimated Housing Expenses (Step 4) $ |
||
Compare Step 3 and Step 4 Totals. The Total Monthly Estimated Housing Expenses (Step 4) should not exceed the Amount Available for Monthly Estimated Housing Expenses (Step 3),
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