Home Mortgage Qualifying Worksheet

Monthly Gross Income
Borrower’s annual income                      $________
Co-borrower’s annual income                   +________
Total gross annual income                     $________
Divide total gross annual income by 12        ÷_____12_
Total monthly gross income                    $________(A)

Allowable Monthly Housing Cost
Total monthly gross income (A)                $________
Multiply by 28%                               x____.28_
Allowable monthly housing cost                $________(B)

Mortgage Amount
Home purchase price                           $________(C)
Down Payment                                  –________
Mortgage loan amount                          $________(D)

Monthly Taxes and Insurance
Home purchase price                           $________
Multiply by .0025 (local requirements vary)   x__.0025_
Estimated monthly taxes and insurance         $________(E)

Monthly Housing Cost
Monthly payment (P&I) on 30-year loan
[use chart on page 12 based on (D)]           $________
Estimated monthly taxes and insurance (E)     +________
Condo or homeowner’s fee (if applicable)      +________
Total monthly housing cost                    $________(F)

Allowable Monthly Debt
Total monthly gross income (A)                $________
Multiply by 36%                               x____.36_
Allowable total monthly debt                  $________(G)

Other Monthly Debt Payments
Car payment                                   $________
Credit card(s) payments                       +________
Student loan                                  +________
Other                                         +________
Total other monthly debt payments             $________(H)

Total Monthly Cost
Total monthly housing Cost (F)                $________
Total monthly Debt (H)                        +________
Total monthly cost                            $________(I)