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Example of Home Affordability Worksheet

Example Home Affordability Worksheet

1. Financial Situation
Cash available for Down Payment $25,000.00
Gross Monthly Income $12,000.00
Other Debts $100.00

2. Housing Market
Current Mortgage Interest Rate 4.50%
Mortgage term (months) 360
Estimated Closing Costs 5.00%
Estimated Monthly Housing Costs $400.00

3. Lender’s Requirements
Percentage of Down Payment 10.00%
Max Debt percentage allowed 33.00%
Max Housing Expenses 25.00%

Estimated Monthly Mortgage $760.03
Estimated Balance $150,000.00
Estimated Home Price $166,666.67
Estimated Minimum Down Payment $16,666.67
Estimated Closing Costs $8,333.33

Notes on Home Affordability Example

To calculate your Home affordability fill in boxes 1-3.
The Results section will be calculated automatically.

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Download Excel Version of Home Affordability Worksheet example
Download Home Affordability Worksheet Excel Template