Monthly Payment Worksheet Template Page 3

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How much can you afford?
What’s included in your total monthly
Your homeownership budget
housing obligations?
This budget is based on your monthly income
and estimated expenses.
The amount you have available for monthly housing
obligations needs to cover your principal & interest
$
Take-home income:
(Line F)
payment, taxes and insurance, and condo/HOA fees.
Total available for monthly
$
Debts:
(Line I)
$
housing obligations:
(Line Z)
$
Living expenses:
$
(Line J)
Condo/HOA fees:
(Line R)
Usually not included in your mortgage payment.
$
Future savings:
(Line O)
Estimated total
$
$
Home
maintenance:
(Line P)
monthly payment:*
$
Home improvement:
Monthly taxes and
(Line Q)
$
insurance:
(Line Y)
$
Future
utilities:
(Line S)
Estimated monthly
$
principal & interest:
Total available for
Z
$
monthly housing
You’ll need this number to calculate how much
you want to spend on a home.
obligations:
Next steps
Check your percentage
Knowing your affordable monthly payment is the first
Total monthly housing
$
step to deciding how much you want to spend on a
obligations:
(Line Z)
home. Next:
$
Determine your down payment.
Pre-tax income:
(Line C)
/process/prepare/#down-payment
Multiply by 100 to get a
100
percentage.
Estimate your affordable home price.
Percentage of your
%
/process/prepare/#price
pre-tax income:
* This worksheet assumes you are able to put down 20%
of your home’s purchase price. If you put down less than
20%, you will likely have to pay for mortgage insurance,
A mortgage lending rule of thumb is that your total monthly
which will increase your monthly payment. Learn more at
housing obligations should be no more than 28% of your
pre-tax income. Lenders may approve you for more or less
depending on your overall financial picture.
mortgage-insurance-and-how-does-it-work.html
Consumer Financial
3 of 3
Learn more at consumerfinance.gov/owning-a-home
Protection Bureau

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