The Newcomers' First Stop Since 1950

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GA R.E. Lic. H-11348
114 Main St. - P.O. Box 550
Thomson, GA 30824
(706)-595-3216
 (800)-637-0881
(706)-595-3244 Fax 		REAL ESTATE


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Home Buyer Worksheet

Use the worksheet below to help you estimate the maximum loan you will qualify for. Also, see the House Hunting Checklist to print and take along with you, and the table of Example Monthly Interest and Principal Payments ...just a few tools to make your experience of finding and buying a home a little easier.

    Sample Figures Your Figures
1. Annual Household gross income
(from last years tax returns)		 $27,000 $40,000 $55,000  
2. Monthly gross income (divide line 1 by 12) 2,250 3,333 4,585  
3. Percent of income to be spent on long-term debt, including housing (use .36) x .36 x .36 x .36  
4. Multiply line 2 by line 3 (Amount available for long-term debt, including housing) 810 1,200 1,651  
5. Estimated monthly debt repayment (installment loans, charge cards, alimony, child support, etc.) 150 200 300  
6. Estimated monthly expenses for property taxes and insurance 75 95 115  
7. Add lines 5 and 6 340 485 660  
8. Affordable monthly mortgage payment (subtract line 7 from line 4)(To principal and interest add this line. The sum plus taxes and insurance should not exceed 28 percent of gross monthly income.) 470 715 991  
9. Monthly payment per $1,000 of mortgage loan (from monthly payment chart). In the example, we've used an 8.5 percent interest rate and a 30-year loan ($7.69 per $1,000). 7.69 7.69 7.69  
10. Divide line 8 by line 9 61.11 92.97 128.86  
11. Multiply line 10 by $1,000 (size of mortgage loan). Round to lowest $50. 61,100 92,950 128,850  
12. 1 minus the percent down payment (the example is a 5 percent down payment: (1-.05=.95). .95 .95 .95  
13. Affordable home price (divide line 11 by line 12). 64,300 97,850 136,650  

Just call one of our Professionals for a quick and easy pre-qualification.

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Our agents can assist you with your purchase of any listed property anywhere!

All information is believed to accurate, but is not guaranteed.

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