Below is a Down Payment Calculator Worksheet
for Sue Johnson. She used this worksheet to help her figure
out how much she would need to buy her condo and to live
in it for the first six months. First, she calculated all
the assets she and her mother could use toward the payment.
(Assets include the savings a person or family has and anything
they own of value.) After talking with her mortgage lender,
she knew that she could accept gifts up to a certain amount
to use as a down payment. Her mother had $1,000 in savings
that she would be able to give Sue to help her make the
down payment. Second, she planned
for future expenses, such as moving costs, home repairs,
the cost of appliances, and her estimated closing costs.
Sue Johnson’s Down Payment Calculator
Worksheet
Assets Available
for Down Payment
1. Savings Account
$5,000.00
2. Checking Account
$1,100.00
3. Money from sale
of Current Home
$0.00
4. Gift from Relative
$1,000.00
5. Other Assets That
Can
Be Sold to Obtain Funds
Mom's
Furniture
$2,500.00
Yard
Sale
$600.00
Total
Assets Available (add lines 1-5)
$
___________
Upcoming New Home
Expenses
1. Moving Expenses
$400.00
2. New Home Repairs
$200.00
3. Major Appliance
Purchases
$350.00
4. Estimated Cost
of Closing
at Settlement (usually 3%-6%
of loan amount)
