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Mortgage Info > Mortgage Calculators > Home Buying Household Budget Calculator 

Home Buying Budget Calculator

Home Buying Household Budget Calculator* -  Use the calculator to review your current household budget and determine how much money you will have left over after all your expenses and new mortgage payment. Remember, you want to "live in" a home not "live for" a home. It is important to make sure you will have enough money left over after paying all of your bills and mortgage payments as you do not want to live check to check.

Household Budget Calculator Instructions

Step 1: Enter your combined "Take-Home" pay
Step 2: Enter your current monthly household budget for each item
Step 3: Select down payment and mortgage terms
Click: "Calculate Your Monthly Net Budget After Expenses and Mortgage"

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Home Buying Household Budget Calculator ///

Step 1: Monthly Household "Net" Income
Enter Take-Home Net Pay  (Note: Net Income = after taxes) 
(See your monthly paystubs to total up your combined pay)
 
Step 2: Basic Living Expenses
Groceries / Food - (Not including eating out)  
Clothing  
Utilities - (Gas, Electric, Water)  
Phones & Cell Phone Bills  
Cable / Satellite TV  
Internet / DSL  
Insurance - (Life)   
Daycare / Private School / After School Care  
Monthly Bills
Car Payments / Auto Loans  
Credit Card Payments  
Student Loans  
Personal Loans / Retirement / Secured Loans  
Boat / RV / Motorcycle / Other Loans  
Transportation Expenses
Gas / Fuel Costs  
Car Insurance  
Other Transportation / Parking / Express Lane  Expenses  
Entertainment Expenses
Eating Out  
Movies / Entertainment  
Gym / Other Memberships  
Kids after school Sports / Hobbies  
Misc. Monthly Spending Money  
Other Expenses
Alimony / Palimony / Child Support  
Tax Liens / Judgements  
Misc. Expenses  
Savings
Retirement / College Fund Account  
Savings Account  
Step 3: Estimate New Housing Payments
Use this mortgage calculator to estimate the monthly mortgage payment of the property you wish to purchase.
Sales Price  
Down Payment, if any  
Interest Rate
Mortgage Terms
HOA / Condo Fee if Applicable  
 
Results of Monthly Home Buying Household Budget Analysis
Below you will find the results of your monthly budget analysis. View your "net" remaining take home pay after expenses and mortgage payment. If this figure is "RED" you will be spending more than you make which can lead to significant financial problems in the future. Analyze your current monthly budget to see where you can trim expenses and save money without affecting your normal standard of living.
Mortgage Results
Estimated Mortgage Loan Amount
Mortgage Payment (P.I. only)
Estimated Property Taxes
Estimated Homeowners Insurance
Private Mortgage Insurance (PMI), if less than 20% down payment
Mortgage Payment (P.I.T.I) *
Final Results of Monthly Home Buying Household Budget Analysis
Total Net Income
(-) Currently Monthly Expenses
(-) Estimated PITI Mortgage Payment
 Final Remaining Income for After all Expenses
Refine Property Taxes & Homeowners Insurance
You may use the drop-downs to refine the property taxes and homeowners insurance results:

Estimated Property Taxes based on per year.

Estimated Homeowners Insurance of per year.
Monthly Home Buying Household Budget Calculator Disclosure* - The information provided by this mortgage calculator is for purposes of general consumer education only and is not intended as a substitute for advice from a qualified professional, such as, but not limited to, a lawyer, mortgage broker, accountant, investment advisor, insurance broker, financial planner, real estate agent or home inspector. We can not and do not guarantee the accuracy or the applicability of this mortgage calculator to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance and real estate issues.
 

 

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