HTML Preview Blank Home Budget Worksheet page number 1.
Budget Worksheet
This document is required, and is recommended as the first step before considering home ownership. It is provided to help you budget household expenses.
Subtract your total monthly expenses from total net monthly income (take home pay). This is the amount you have left to save. Now, take a closer look at your expenses.
Are there ways to reduce the amount spent each month? If so, what are they, and are you willing to try and reduce your monthly unnecessary living expenses?
Make a list of the things you are willing to cut out (or at least cut down on) in order to purchase a new home. Then, take action.
Income Monthly Expenses
Gross monthly income (what you earned) Proposed housing expenses
Gross Income for Borrower $
Mortgage payment, including taxes and insurance
$
(use current rent level as a starting point)
Gross Income for Co-borrower + $
Utilities (electric, gas, water) $
Total gross monthly income = $
Telephone/ Cellphone $
Total net monthly income (take-home pay) Child Support/ Alimony payment $
for Borrower and Co-Borrower $
Groceries/ School lunches $
School Tuition/ Sports/ Clubs/ Band $
I can reduce my spending for: by:
Clothing $
$
Day care/Babysitting $
$
Bank loans/Car loans $
$
Car insurance $
$
Gas/Car repairs $
$
Other transportation $
$
Health care/Medical bills $
$
Credit cards/Store charge cards $
$
Restaurants/Entertainment $
$
Personal property taxes $
$
Insurance (other than car) $
Cable TV $
Church/charity $
Miscellaneous (anything else you pay monthly) $
Total monthly expenses $
NET INCOME AVAILABLE TO SAVE $
(Total net income (take home pay) from above minus Total monthly expenses)
Home Buyer Signature Date
Home Buyer Signature Date