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Are You Ready To Buy?

If you rent the home you live in, the right planning could enable you to buy a home.

To discover your homebuying potential, calculate your:

  • Income
  • Assets 
  • Debt

These factors determine how big a loan you can afford and how buying a home will affect your monthly budget.

Use the worksheets below to calculate your finances. Print these pages, and fill in the blanks. When you are done you will have a total for each of the four categories listed above. Later you can use these numbers with a teacherdough.com counselor to determine your house affordability.

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Income

Review all of your sources of income. You will need money for a down payment and for closing costs. The FHA and VA have mortgage programs that require smaller down payments. Closing costs may sometimes be rolled into the mortgage.

Answering these questions may also help you to estimate your financial position.

  • What is your average monthly income?
  • Do you expect your income to remain level in the near future?
  • If not, do you expect it to increase or decrease?

Use the following income categories to estimate your monthly income:

Income Category Monthly
Borrower's Salary $
Co-Borrower's Salary $
Taxable Interest $
Investment Dividends $
Other Income $

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Assets

Add up your assets. Any money saved can help you buy a home. Your assets can be used to pay the down payment and/or closing costs. You know your own saving habits.

Use the following savings categories to estimate your monthly savings.

Savings Category Monthly
Savings Account $
Checking Account $
Retirement Funds $
Stocks, Mutual Fund Investments $
Other Savings $

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Debt

Review your current debt obligations. A lender will examine the ratio of your debt to your income when deciding how much money to lend you.

Consider how additional debt from house payments, added to your existing debt, will affect your lifestyle.

Debt Category Monthly
Credit Card $
Car Loans $
School Loans $
Alimony $
Child Support $
Other Personal Debt $

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A Division of Signature Home Loans, LLC
9192 Red Branch Rd., Ste. 280, Columbia, MD 21045
410-715-4081 / Info@teacherdough.com

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