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How to use the home mortgage qualifying worksheet
1. Make one or more overhead transparencies of the form
on this page and copies of the blank
form on which students can practice.
2. Fill in an imaginary form on the overhead projector,
to give students one more time to practice.
3. Remind students that they can use invented figures in
order to practice completing their own blank worksheet.
(They may want to fill in a form using their own actual
personal finances at home if they choose.)
4. Students will need to use the chart on page 30 to calculate
the monthly payment based on the loan they would like. Choose
an interest rate that is typical for your area at the present
time. (Remember, you can find this information in the newspaper.)
5. After individuals or small groups have filled in sample
forms, have them exchange forms and check each other’s
work.
6. If students find it difficult to make up their own information,
you may want to invent several characters for whom they
can fill in forms. Here is
an example.
Joe Ferris
Annual income:
$25,000
Home purchase price:
$98,000
Kind of loan:
30-year fixed-rate
at 10% interest
Monthly debt:
Car payment $240
Credit cards $612
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