Housing Budget Calculator Courtesy of Siobhan Cooney

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1	INSTRUCTIONS:			This spreadsheet is provided courtesy of Siobhan Cooney, Main Line Philadelphia Real Estate Agent. To reach Siobhan: siobhan@cooneyhomes.com. For resources on buying or selling on the Main Line of Philadelphia, head to: linktr.ee/siobhancooney
2	1. Make a copy (Click file > Make a Copy)
3	2. Enter your numbers in yellow cells ONLY (the numbers there are just examples)
4	3. Review your results in green box
5	Monthly Budget Tracker
6	Monthly Budget Tracker
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8	Gross Monthly Income (Before taxes)		Savings/ Investments			Monthly Housing Budget Calulator
9	Partner 1	$12,500.00	Partner 1 Retirement	$2,000.00		Following the Rule of 28%	$6,020.00
10	Partner 2	$9,000.00	Partner 1 Other Investments	$1,000.00		Following the Rule of 36%	$6,700.00
11	Total	$21,500.00	Partner 2 Retirement	$1,500.00
12			Partner 2 Other Investments	$250.00		Remember Total Monthly Housing Budget should include: Principal, Interest, Taxes, Insurance, HOA, PMI (if applicable)
13	Monthly Expenses		529 plans	$500.00
14	Groceries	$1,200.00	Other	$0.00
15	Internet	$100.00	Total	$5,250.00
16	Water	$50.00	% of Income	24.42%		The 28/36 guideline suggests that you should spend no more than 28% of your gross monthly income on housing costs and no more than 36% on all of your debt combined, including those housing costs. "Gross monthly income" is calculated before income/payroll taxes are taken out, but you may personally feel more comfortable looking at your numbers AFTER income tax. I suggest looking at it both ways.
17	Electricity	$200.00
18	Cell Phone(s)	$200.00
19	Gas	$150.00	Debts (Monthly Obligations)
20	Car Insurance	$200.00	Rent/ Existing Mortgage	$0.00	→ → → → → →	*Your rent/existing mortgage number + property taxes + property insurance will be $0 UNLESS you plan to continue renting or keep an existing home after you purchase a new one
21	Medical	$400.00	Student loans	$500.00
22	Childcare	$1,800.00	Credit Card	$40.00
23	Restaurants	$400.00	Property Taxes	$0.00
24	Travel	$350.00	Property Insurance	$0.00
25	Streaming Services	$50.00	HOA	$0.00
26	Shopping	$500.00	Car loan	$500.00
27	Gym	$100.00	Other debts	$0.00
28	Entertainment	$100.00	Total	$1,040.00
29	Gifts	$50.00	Debt to Income (DTI) Ratio	4.8%
30	Other	$150.00
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32	TOTAL	$6,000.00				Disclaimer: A lender will take into account your credit score, employment history, debts, income and more to determine the loan they will give you. The 28% and 36% rules will give you a good ball park idea of what mortgage professionals recommend your total housing budget should be inclusive of.
33	% of Income	27.91%
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