Estimate the purchase price of the home
you would be able to buy and the down payment you can afford.
Complete each entry based on your personal finances. If
your Total Monthly Housing Cost (B) is not more than your
Allowable Monthly Housing Cost (A), and your Total Monthly
Debt (D) is not more than your Allowable Monthly Debt (C),
you may be qualified for this mortgage.
| Home
Mortgage Qualifying Worksheet |
| Monthly Gross Income |
| Borrower's
annual income |
$___________ |
| Co-borrower's
annual income |
+ $___________ |
| Total
gross annual income |
$___________ |
| Divide
total gross income by 12 |
÷
12 |
| Total
gross monthly income |
$___________ |
|
| Allowable Monthly
Housing Cost (A) |
| Total
monthly gross income |
$___________ |
| Multiply
by 28% |
x .28 |
| Allowable monthly
housing costs |
$___________
(A) |
| |
|
| Mortgage Amount |
|
| Home purchase
price |
$___________ |
| Down payment |
- $___________ |
| Mortgage
loan amount |
$___________ |
|
| Monthly Taxes and
Insurance |
|
| Home purchase
price |
$___________ |
| Multiply
by .0025 (local prices vary) |
x .0025 |
| Estimated
monthly taxes and insurance |
$___________ |
|
| Monthly Housing
Cost (B) |
|
| Monthly
payment on 30-year loan (see chart here) |
$___________ |
| Estimated
monthly taxes and insurance |
+ $___________ |
| Condo
or homeowner's fee (if applicable) |
+ $___________ |
| Total monthly housing
costs |
$___________
(B) |
| |
|
| Allowable Monthly
Debt (C) |
|
| Total
monthly gross income |
$___________ |
| Multiply
by 36% |
x .36 |
| Allowable total
monthly debt |
$___________
(C) |
| |
|
| Other Monthly Debt
Payment |
|
| Car payment |
$___________ |
| Credit
card(s) payments |
+ $___________ |
| Student
loan |
+ $___________ |
| Other |
+ $___________ |
| Total
monthly debt payments |
$___________ |
|
| Total Monthly Debt
(D) |
|
| Total
monthly housing cost |
$___________ |
| Total
other monthly debt |
+ $___________ |
| Total monthly
costs |
$___________
(D) |
