Home Buyer's Budget Calculator
This form calculates how much you can afford to spend on a new home
according to industry standards and guidelines.
The information you enter on this form is not transmitted or
saved - it is for your information and use only.
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Example
|
Your
Figures |
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Monthly
Gross Income
Include co-borrower, if any |
|
$__________ |
Maximum
payments allowed (all payments)
Guideline
36% of gross income |
1,440
|
__________ |
Less other monthly payments - include car pmt, credit
cards, etc.
Guideline 8% of gross income |
-320
|
__________ |
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Balance available for all housing
- Principle, interest, taxes, insurance (PITI) |
$1,120
|
$__________ |
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Less allowance for taxes - Varies by location
Guideline 25% of housing payment |
-280
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Less allowance for insurance - Varies by location
Guideline 8% of housing payment |
-90
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Balance available for home loan payment
Principle and interest only (P & I) |
$750
|
$__________ |
| |
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Maximum
Loan at interest for 30 years |
97,595
|
__________ |
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Add down payment |
10,844
|
__________ |
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| Approximate
maximum purchase price |
$108,439
|
$__________ |
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| This
calculator is for estimating purposes ONLY |