How Much Can You Spend For Housing

Before you can know how big a mortgage payment you can afford, you need to tally up your other monthly expenses. The first part of this calculator will help you do just that. Part two will help you estimate future costs, or savings, associated with the home you are considering.

Monthly Income
Take-Home Pay (after taxes):	$	Other Income:  $
Current Monthly Non-Housing Expenses
Food and Household Supplies:	$	Recreation and Vacation:  $
Transportation:	$	Telephone:  $
Auto Insurance:	$	Personal:  $
Health Care:	$	Taxes (not from pay):  $
Clothing and Cleaning:	$	Savings:  $
Education:	$	Charity:  $
Debt & Installment Payments:	$	Other:  $

Amount Available For Housing
Monthly Income	Non-Housing Expenses	Amount Available

Expected Monthly Housing Expenses
Now that you know how much you'll have available, you're ready to begin comparing individual homes. Real estate agents, lenders, current owners and other Kiplinger.com calculators can provide reasonable estimates for the items listed below. For "Additional Costs," include new expenses such as community association fees or the added costs of commuting from that location. Likewise, if you would reduce any of your current nonhousing expenses by buying a particular home, enter the amount next to "Additional Savings." For example, first-time homebuyers would benefit from mortgage interest deductions on their income taxes. That could provide a net monthly saving if you adjust your withholding. Other calculators that may help: How much should I put down on a home? How much will my payments be? How much can I save in taxes? (Links to related calculators will open in new browser windows so that you can easily refer to them.)
Mortgage Payment:	$	Maint. and Repairs:  $
Insurance:	$	(figure at least 1% of the price/year)
Property Taxes:	$	Additional Costs:  $
Utilities:	$	Additional Savings:  $
		Total: