I'll Follow Through! Donna Bardua
barduad@hpw.com

Step 1: How much home can you afford?

Use this worksheet to calculate how much you can afford to spend on a home before you begin shopping. No need for complicated math; this online worksheet does the calculations for you!

You can also ask your mortgage account executive about getting a pre-approved loan. It can help you shop with confidence and boost your bargaining power with sellers.

Your privacy is of the utmost importance to Donna. The financial information you enter on this worksheet will not be retained, transmitted or used in any way. This form is provided purely for your convenience.

Return to the index of mortgage worksheets.

To use this worksheet, enter requested information into boxes marked with an asterisk. The rest of the worksheet will be calculated automatically based on your responses. Note: This worksheet requires a Javascript-enabled browser.
Enter gross income (before taxes) each year
for self and any co-borrowers		 * (A)
Enter total monthly debt payment not including mortgage, rent, or utilities
(credit cards, car payment, child support, alimony, etc.)		 * (E)
Enter monthly estimate of homeowner association dues
(condominiums only)		 * (I)
Enter desired mortgage interest rate * (K)
Enter total cash available for home purchase * (L)

 

You can adjust the numbers above to modify results, but please do not change the values in any of the fields below.

 

Gross monthly income (A ÷ 12) (B)
Maximum mortgage payment (B x 0.33) (C)
Maximum debt payment (B x 0.38) (D)
Monthly mortgage payment (D - E) (F)
Your maximum monthly mortgage payment
(the lower of C or F)		 (G)
Monthly estimate of taxes, homeowners insurance and mortgage insurance (A x 0.0053) (H)
Estimated maximum monthly mortgage payment (G - H - I) (J)
Estimated maximum loan amount
(J x payment factor x 1,000)		 (K)
Closing costs (K x 0.05) (M)
Cash available for down payment (L - M) (N)
Maximum Home Purchase Price (K + N) (O)
 

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