| 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 |
รท
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) |
