Home Purchase Plan Worksheet Page 5
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35After reviewing your budget with your IDA Case Manager, determine how much you
can afford to spend to purchase your home and for the other costs associated with
buying and maintaining it. What you can afford depends on your income, credit
rating, current monthly expenses, down payment on your home, the mortgage
interest rate and closing costs.
1.) What is the monthly gross income for your household? (Include all pre-tax
income from full- or part-time jobs, self-employment and tips.) $_____________
2.) What is your household’s monthly net income (Take-home pay)? $__________
3.) What is the combined monthly amount of all other household income? (Include
child support, alimony, etc.) $______________
4.) What are your fixed monthly expenses? (Expenses that are fairly consistent each
month) $ ________________
5.) What are your variable monthly expenses? (Expenses that can vary from month to
month) $ _______________
6.) What is your Shortfall or Surplus? (Income minus expenses) $________________
7.) What is your Debt to Income (DTI) Ratio? _______________________________
(Go to
to
find out more about DTI Ratio and to calculate yours.)
to find a “Home Affordability Calculator” that will give you an idea of
Go to
what your monthly payment will be for mortgage, insurance and taxes. The calculator will
let you adjust for different home prices, mortgage interest rates, and length of mortgage.
NOTES:_______________________________________________________________
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Connecticut Department of Labor
Page 5
5/28/2013
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