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How Much Home Can You Afford? |
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Home Mortgage Qualifiying Worksheet
Home prices, interest rates and tax deductions combine to make this a great time to buy! How to use this worksheet: Estimate the purchase price of the home you would like to buy and the down pay¬ment you can afford. Complete each entry based upon these assumptions and your personal financial situation.
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Planilla De Calificacion
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Monthly Gross Income
Borrower's annual income
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$ __________ |
| Co-borrower's annual income |
+ __________ |
| Total gross annual income |
$ __________ |
| Divide total gross annual income by 12 |
÷ 12
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$ __________ |
| A. Total monthly gross income |
$ __________ |
| GAllowable Monthly Housing Cost |
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| Total monthly gross income |
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| (insert line A) |
$ __________ |
| Multiply at 28% |
x 0.28 |
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$ __________ |
B. Allowable monthly housing cost
Mortgage Amount |
$ __________ |
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$ __________ |
| C. Home purchase price |
$ __________ |
| Substract down payment |
- __________ |
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$ __________ |
| D. Mortgage loan amount |
$ __________ |
| Monthly Taxes and Insurance (insert line C) |
$ __________ |
Multiply by .0015
(local requirements vary) |
x 0.0015 |
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$ __________ |
| E. Estimated monthly taxes/insurance |
$ __________ |
| Monthly Housing Cost |
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| Monthly payment (P&I) on 30-year loan |
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| (use chart below based on line 0) |
$ __________ |
| Estimated monthly taxes/insurance |
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| (insert line E) |
+ __________ |
| Condo or homeowner's fee (if any) |
+ __________ |
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$ __________ |
| F. Total monthly housing cost |
$ __________ |
| Allowable Monthly Debt |
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| Total monthly gross income (insert line A) |
$ __________ |
| Multiply at 36% |
x 0.36 |
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$ __________ |
| G. Allowable total monthly debt |
$ __________ |
| Other Monthly Debt Payments |
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| Car payment |
$ __________ |
| Credit card payments |
+ __________ |
| Student loan |
+ __________ |
| Other |
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| (Anything that won't be paid off in less than 6 mos.) |
+ __________ |
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$ __________ |
| H. Total other monthly debt payments |
$ __________ |
| Total Monthly Cost |
$ __________ |
| Total monthly housing cost (insert line F) |
$ __________ |
| Total other monthly debt |
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| (insert line H) |
+ __________ |
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| I. Total monthly cost |
$ __________ |
If your Monthly Housing Cost (F) is not more than your Allowable Monthly Housing Cost (b) and your Total Monthly Cost (I) is not more than your Allowable Monthly Debt (G), you may qualify for this mortgage; and when you buy, rely on First American Title Company to protect your ownership rights. We are proud to be a member of your real estate team.
| > INTEREST RATE |
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5% |
5.5% |
6% |
6.5% |
7% |
7.5% |
8% |
8.5% |
9% |
9.5% |
10% |
10.5% |
| 300,000 |
1610 |
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1798 |
1896 |
1995 |
2097 |
2201 |
2306 |
2413 |
2522 |
2632 |
2744 |
| 350,000 |
1878 |
1987 |
2098 |
2212 |
2328 |
2447 |
2568 |
2691 |
2816 |
2942 |
3071 |
3201 |
| 400,000 |
2147 |
2271 |
2398 |
2528 |
2661 |
2796 |
2935 |
3075 |
3218 |
3363 |
3510 |
3658 |
| 450,000 |
2415 |
2555 |
2647 |
2844 |
2993 |
3146 |
3301 |
3460 |
3620 |
3783 |
3949 |
4116 |
| 500,000 |
2684 |
2838 |
2997 |
3160 |
3326 |
3496 |
3668 |
3844 |
4023 |
4204 |
4387 |
4573 |
| 550,000 |
2952 |
3122 |
3297 |
3476 |
3659 |
3845 |
4035 |
4229 |
4425 |
4624 |
4826 |
5031 |
| 600,000 |
3220 |
3406 |
3597 |
3792 |
3991 |
4195 |
4402 |
4613 |
4827 |
5045 |
5265 |
5488 |
| 650,000 |
3489 |
3690 |
3897 |
4108 |
4324 |
4544 |
4769 |
4997 |
5230 |
5465 |
5704 |
5945 |
| 700,000 |
3757 |
3974 |
4196 |
4424 |
4657 |
4894 |
5136 |
5382 |
5632 |
5885 |
6143 |
6403 |
| 750,000 |
4026 |
4258 |
4496 |
4740 |
4989 |
5244 |
5503 |
5766 |
6034 |
6306 |
6581 |
6860 |
| 800,000 |
4294 |
4542 |
4796 |
5056 |
5322 |
5593 |
5870 |
6151 |
6436 |
6726 |
7020 |
7317 |
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Featured Property Listing
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wow! -
$229,900
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This 1 level detached home built in 1964 has 2 bedroom(s), 1.5 bath(s)
, 2 car detached garage and approximately 900 square feet of living
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private spa, air conditioning.
... Read more...
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Featured Agent
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Reynaldo Alvarado
Roman Realtors & Financial Services Inc
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