Home Buying Household Budget Calculator
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Home Buying Household Budget Calculator* - Use the calculator to review your current household budget
and determine how much money you will have
left over after all your expenses and new mortgage payment. Remember, you want to
"live in" a home not "live for" a home. It is important to make sure you will have
enough money left over after paying all of your bills and mortgage payments as you
do not want to live check to check.
Step 1: Enter your combined "Take-Home" pay
Step 2: Enter your current monthly household budget for each item
Step 3: Select down payment and mortgage terms
Click: "Calculate Your Monthly Net Budget After Expenses and Mortgage"
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Step 1: Monthly Household "Net" Income
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Enter Take-Home Net Pay (Note: Net Income = after taxes)
(See your monthly paystubs to total up your combined pay) |
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Step 2: Basic Living Expenses |
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Groceries / Food - (Not including eating out) |
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Clothing |
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Utilities - (Gas, Electric, Water) |
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Phones & Cell Phone Bills |
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Cable / Satellite TV |
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Internet / DSL |
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Insurance - (Life) |
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Daycare / Private School / After School Care |
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Monthly Bills |
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Car Payments / Auto Loans |
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Credit Card Payments |
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Student Loans |
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Personal Loans / Retirement / Secured Loans |
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Boat / RV / Motorcycle / Other Loans |
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Transportation Expenses |
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Gas / Fuel Costs |
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Car Insurance |
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Other Transportation / Parking / Express Lane Expenses |
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Entertainment Expenses |
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Eating Out |
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Movies / Entertainment |
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Gym / Other Memberships |
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Kids after school Sports / Hobbies
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Misc. Monthly Spending Money |
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Other Expenses |
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Alimony / Palimony / Child Support |
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Tax Liens / Judgements |
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Misc. Expenses |
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Savings |
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Retirement / College Fund Account |
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Savings Account |
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Step 3: Estimate New Housing Payments |
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Use this mortgage calculator to estimate the monthly mortgage
payment of the property you wish to purchase. |
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Sales Price |
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Down Payment, if any |
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Interest Rate |
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Mortgage Terms |
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HOA / Condo Fee if Applicable |
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Results of Monthly Home Buying Household Budget Analysis |
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Below you will find the results of your monthly budget analysis. View your "net"
remaining
take home pay after expenses and mortgage payment. If this figure is "RED"
you will be spending more than you
make which can lead to significant financial problems in the future. Analyze your
current monthly budget to see where you can trim expenses and save money without
affecting your normal standard of living. |
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Mortgage Results
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Estimated Mortgage Loan Amount |
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Mortgage Payment (P.I. only) |
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Estimated Property Taxes |
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Estimated Homeowners Insurance |
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Private Mortgage Insurance (PMI), if less than 20% down payment |
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Mortgage Payment (P.I.T.I) * |
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Final Results of Monthly Home Buying Household
Budget Analysis |
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Total Net Income |
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(-) Currently Monthly Expenses |
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(-) Estimated PITI Mortgage Payment |
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Final Remaining Income for After all Expenses |
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Suggestions / Feedback
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Refine Property Taxes & Homeowners Insurance |
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You may use the drop-downs to refine the property taxes and homeowners
insurance results.
Property Taxes based on
per year and Homeowners Insurance of
per year. |
Monthly Home Buying Household Budget Calculator Disclosure* - The
information provided by this mortgage calculator is for purposes of general consumer
education only and is not intended as a substitute for advice from a qualified professional,
such as, but not limited to, a lawyer, mortgage broker, accountant, investment advisor,
insurance broker, financial planner, real estate agent or home inspector. We can
not and do not guarantee the accuracy or the applicability of this mortgage calculator
to your circumstances. We encourage you to seek personalized advice from qualified
professionals regarding all personal finance and real estate issues.
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