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By BayitIsrael.com
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Directions: this worksheet will help you determine what size mortgage payment you are likely to qualify for, and how much money you can spend on non-mortgage debt payments. It also helps you determine how much money you need to raise for your down payment, and make a list of possible sources of assistance to speak with. Note that cells highlighted in yellow have fomulas that are automatically calculated for you and should not be changed unless you know what you are doing with formulas. Cells that are not highlighted are for you to enter your own values into.
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Step 1 - Assets
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Asset or Account NameValue
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Example 1320,000
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Example 282,000
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Example 35,000
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Example 412,000
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Total Asset Value419,000
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Step 2 - After-Tax Monthly Income
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Income Source
Amount of Income
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Income Source 115,000
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Income Source 212,000
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Income Source 32,000
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Total Monthly Income29,000
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Step 3 - Monthly Expenses (Excluding Rent)
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Expense Name
Amount of Expense
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Debt-4400
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Credit Card Expenses-5,800
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Horaat Keva Expenses-1,900
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ATM Withdrawals-2,400
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Total Monthly Expenses-14500
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Step 4 - What Size Payments Can I Afford?
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Left Over Monthly Income Excluding Rent14,500
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Amount I Want to Save Monthly2,000
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Funds Available for Mortgage + Debt Payments12,500
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40% of Monthly Income (Maximum Mortgage Payment)11600
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Availability for Debt Payments Other than Mortgage900
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Step 5 - How Much More Money Do I Need for My Downpayment After Using My Assets From Step 1?
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Amount I Need to Keep in Savings for Emergencies50,000
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Down Payment + Closing Costs (Calculate at https://bayitisrael.com/calculator
640,000
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Funds Needed271,000
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Step 6 - Whom Could I Ask for Help In the Form of a Gift or Loan?
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NameNotes
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Person 1
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Person 2
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Person 3
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Person 4
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Person 5
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Person 6
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Person 7
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