Housing and Debt Worksheet The worksheet below will help you estimate how much you could afford as a monthly mortgage payment.
Income Borrower ’s Gross Monthly Income Co-Borrower ’s Gross Monthly Income Total Gross Monthly Income
_______________ _______________ _______________
Monthly Budget Monthly Installment & Revolving Debts _________________________________ _________________________________ _________________________________ _________________________________ _________________________________
_______________ _______________ _______________ _____________ _______________
Total Monthly Installment & Revolving Debt
_______________(A)
Housing Debt Ratio Gross Monthly Income _______________ Housing Debt Ratio x 28% Estimated Monthly Housing Expense
_______________(B)*
Total Debt Ratio Gross Monthly Income _______________ Total Debt Ratio x 36% Estimated Total Monthly Expenses
_______________(C)
Available Income Test Estimated Total Monthly Expenses Total Monthly Installment & Revolving Debt Available Housing Income
_____________ (C) _____________ (A) _____________ (D)*
*The amount you can afford to spend on PITI (Principal, Interest, Taxes and Insurance) is the SMALLER of Lines B or D