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Offering legal representation to Landlord/Tenant clients in the LOS ANGELES area
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(626) 432-5465
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Homebuyer's Financial Worksheet
This worksheet is designed to help you answer two important questions: how much should you save and how much can you spend? The section on saving is intended for first-time buyers to get an idea of what it will take to save for a down payment and closing costs. First-time buyers should complete both sections. At the end of the first section, you will use the amount you determined in the second section and the amounts you determined in the first section to calculate your savings goals.
IMPORTANT NOTE: This worksheet will only give you an idea of what you can afford. You must consult a mortgage lender afterwards to get a more precise estimate.
In the meantime, keep saving your money!!!
I. Determining the Amount You Should Save
| Monthly income | ||
| What is your monthly take-home pay? | $_________________ | |
| What is your spouse's or partner's monthly take-home pay? | $_________________ | |
| How much money do you receive each month from other sources? | $_________________ | |
| How much have you and your spouse or partner saved already? | $_________________ | |
| TOTAL: | $_________________ | |
| Monthly bills and expenses | ||
| Do you have spousal or child support obligations? What are they? | $_________________ | |
| How much is your monthly rent? | $_________________ | |
| What is your monthly car payment(s)? | $_________________ | |
| What is your current student loan payment(s)? | $_________________ | |
| What is your total monthly payment for all your credit cards? | $_________________ | |
| How much do you currently spend each month for | ||
| Electricity | $_________________ | |
| Gas (your heating/cooling bill) | $_________________ | |
| Telephone service | $_________________ | |
| Cable/satellite service | $_________________ | |
| Water and sewer service | $_________________ | |
| Renter's insurance (divide the yearly premium by twelve) | $_________________ | |
| Groceries and household supplies | $_________________ | |
| Clothing | $_________________ | |
| Health club dues | $_________________ | |
| Other fees or dues | $_________________ | |
| Fuel and repairs for your car | $_________________ | |
| Books, movies, video rentals, dining out, etc. | $_________________ | |
| The lottery and other incidental purchases | $_________________ | |
| TOTAL: | $_________________ | |
| Calculate your leftover cash | ||
| Enter your total monthly income from the calculation above | $_________________ | |
| Enter your total monthly payments and spending calculated above | $_________________ | |
| Subtract the second figure from the first | $_________________ | |
| TOTAL: | $_________________ | |
FAQs
- Am I responsible if someone has an accident in my home or on my property?
- What tax breaks are available to homeowners?
- What are my rights as a homeowner?
- What is the most common form of joint co-ownership?
- What is an encroachment?
Buying a Home Resources
Helpful tools and forms available for purchase.| Featured Attorneys | |
Telephone Consultation Purchase, Sale & Broker Disputes of Residential & Commercial Property.
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(310) 788-9089
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Boutique firm focusing on real estate matters for sellers, buyers & contractors.
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(213) 612-7701
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Do you have a real estate contract dispute? If so call an attorney who understands your rights
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(626) 228-0638
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Real Property - Litigation & Transactions for Owners, Developers, Contractors & Buyers.
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818-502-1700
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