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%

Results
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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