Monthly Payment Worksheet Template Page 2


Estimate your financial responsibilities after buying a home.
Future monthly savings goals
Property taxes and homeowner’s
Your savings goals as a homeowner may be different
than your current goals. Enter the amount you want to
Property taxes and homeowner’s insurance are an
put away each month from your take-home income.
important part of your monthly payment. Update
these assumptions as you move forward to more
Emergency savings:
precisely estimate your affordable monthly payment.
A good rule of thumb is to have at least 3-6 months
Home value:
of expenses saved.
Property taxes are based on the assessed value
Long-term savings:
of a home, which may be different from the home
price. But, the typical home price in your target
Savings for retirement, kids’ college, vacations, or
neighborhood is a good rough estimate.
other goals.
Property tax rate (annual):
Total future monthly
The national median is 1.1%, but rates vary widely
savings goals:
by location. Check with your local tax authority for a
more precise estimate.
New homeownership expenses
Annual property taxes:
There are more costs to being a homeowner than
just the monthly mortgage payment. Estimate these
homeownership expenses on a monthly basis.
Annual homeowner’s
Home maintenance:
The national median is $750, but rates vary by
A common rule of thumb is 1% of your target home
location, the value and features of your home, and
price (divide by 12 to get a monthly amount).
the coverage that you select.
Home improvement:
Total annual taxes
This is up to you. What kinds of improvements do you plan
& insurance:
to make? How much do you want to set aside monthly?
Divide by 12 to get a
Condo/HOA fees:
monthly amount.
These fees can vary widely depending on the specific
building or HOA. Explore listings in your target
Monthly taxes &
neighborhoods to make an estimate.
Changed monthly expenses
Wondering where we got our data? Check out our sources:
Estimate the total monthly utilities you will pay as
a homeowner. If some of your utilities are included
in your rent now, you’ll likely have to pay for them
separately as a homeowner. Utilities may also increase
with a larger home.
Future utilities:
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