My Budget

Provided by Rate a Home, LLC

www.rateahome.com

Whether you are buying, or leasing, it’s wise to prepare a budget for every day living expenses. The online budget calculator helps to determine how much you will be able to afford regarding housing heeds as well as the required down payment. Utilize My Budget free of charge to help in present, and in future planning.

Expenses Incurred Each Month:

Follow the budget expenses to determine monthly expenditures.

If you are purchasing a home, condo or leasing a property, keep in mind that your budget will have to be adjusted accordingly.

Income:

Determine your monthly income. In some cases a lender will consider child and/or spousal support as income. Income to include can be from payroll, investments, rental income, etc.

Down Payments:

Take into consideration that a portion of your savings will be going towards the down payment.

Lenders will loan customers in the range of 28% to 36%, (and sometimes into the low 40% bracket) range based on your gross monthly income (before taxes). The down payment can range from 0% to 20% (or more) of the purchase price, depending on the type of property you are buying.

List of expenditures below to consider when determining cash on hand for your down payment.

(Possible Costs Incurred while Buying a Home or Condo):

Pre-paid Interest

Stamp Duties

Transfer and Recording Fees

Appraisal Fee

Property Insurance (Usually lenders will require insurance prepaid for one year)

Title and Mortgage Insurance

Processing Fees

Credit Report

Property Survey

Mortgage Discount Points

Premium Mortgage Insurance (PMI could be required if you have a low down payment)

Origination Fee

Escrow Accounts (Taxes and Insurance)

Prepaid Association Dues

Remodeling cost

Moving Expense

In some cases the lender will allow some of the down payment to be gifted to you.