Home Buyer Worksheet

This calculator will help you determinet the likely response from a bank on your application for a mortgage to buy a home. Most banks use guidelines that consider your overall income as it relates to your overall debt and your anticipated housing debt.

First you have to determine what your total housing debt will be. Then you have to determine what your monthly installment debt is on all other items.

Most banks look for what they call "Maximum Housing Debt" of 28%. That is 28% of your Gross Monthly Income. Add to that an extra 8% of what they call "Affordable Total Debt" and the result is what they base their approval or denial on. The calculation here will tell you whether or not the bank will look favorably upon your home mortgage application.

If your Total Housing Debt and your Your Total Debt listed above are smaller than the guidelines, you will most likely be approved.

Gross Monthly Income:
Your Income:
Your Spouse's (or co-buyer's) Income:
Other Income (pension, alimony, etc.):

Monthly Installment Debt:
Include all items of monthly debt with 10 or more months of payments remaining (student loans, car loans, revolving charge accounts, mortgages on other properties, etc.)

Installment Debt:

Housing Debt

Monthly principal & interest on new loan:
Annual Real Estate Taxes:
Annual Homeowner's insurance:
Monthly payment for 2nd mortgage:
Other monthly fees:
(condo fees, flood insurance, private mortgage insurance, etc.)

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