How much home can we afford? - Two Rivers High School

How much home can we afford?

In order to enter your amounts for this portion you must have... 1. Your career and salary completed 2. Your car loans finished ? MONTHLY PAYMENT 3. Your school loans calculated ? MONTHLY PAYMENT 4. Your credit card minimum payments (Salary divided by 12 - then multiply by .04)

EXAMPLES USED... $80,000 Salary $750 Auto Loans $250 Credit Cards $300 Student Loan

You MUST complete THREE calculators regarding how much home you can afford AND

You MUST copy and paste the results.

1. Zillow ? Home Affordability Calculator

Annual Income Enter your annual income in the top line... (Salary circled on your Career portion)

Down Payment You may enter 10% of your Annual Income (Multiply your Annual income by .10)

Monthly debts Add up your debts... Auto Loan (Monthly Payment) Student Loan (Monthly Payment) Credit Card

Copy and paste results (You now have ONE estimate of the amount of home you could afford)

2. Complete the ~ Maximum Mortgage Calculator

Go to ~ in the Search box type in Maximum Mortgage ~ click on Maximum Mortgage Calculator

1. You must click on the [+] after Monthly income and fill in your and your partners (co-borrower) salary. Make sure that you put in the correct amount and change the salary to annual IF YOU HAVE A PARTNER YOU MUST ENTER THEIR INCOME IN THE CO-BORROWER THE SAME WAY DO NOT DO ANYTHING WITH THE MONTHLY HOUSING EXPENSES!

2. You must click on the [+] after Monthly liabilities and fill in the correct information for you and your partner. Auto Loans Credit Cards Student Loans

3. Scroll back up Click on CALCULATE

EXAMPLE:

COPY AND PASTE THAT PAGE IN YOUR FILE

3. Complete the ~ How much money can I borrow calculator

Go to ~ in the Search box type in How much money can I borrow calculator ~ click on How much money can I borrow calculator

The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the "View Report" button to see a complete amortization schedule of your mortgage payments. 1. You must enter you and your

partner's annual income

2. You must enter monthly car payment(s) 3. You must enter Credit card payment(s) 4. You must enter Other loan payment(s)

(Student Loan Monthly payment)

Click on view report COPY AND PASTE THAT PAGE IN YOUR FILE

See sheets below as an example ________________________________________________________________________

You should now have the estimated 3 price ranges of the home that you could afford.

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