HOW MUCH CAN I AFFORD?

Qualifying Information

A. Gross Annual Income Husband Wife

 

____________ _______________

 

Total _________________ (Line A)

 

B. Gross Monthly Income Line A divided by 12 _____________ (Line B)

 

C. Monthly Allowable Housing Expenses and Long Term Obligations Line B multiplied by .36

_____________________

 

D. Monthly Allowable Housing Expenses

Line C minus long-term obligations or line B multiplied by .28 whichever is less

_________________________

E. Monthly Principle and interest Line D multiplied by .80

________________________

F. Estimated Mortgage Amount

Line E divided by the factor from the current rate and multiplied by 1,000

6.99 is the factor for a 7.5% loan

_________________________

 

G. Estimated Affordable Price Range Line F divided by .97 (depending on down payment)