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Offering legal representation to Landlord/Tenant clients in the LOS ANGELES area
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Homebuyer's Financial Worksheet


Available in PDF | MS Word

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:      $_________________

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