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In my previous post, I mention that budgeting is the first step to buying a home. To make it a little easier for you to see the numbers, attached is a free mortgage calculator that can give you an idea of the numbers. This is just a template to play with and the numbers from your bank may be different. Feel free to change any of the Yellow highlighted cells and the rest of the sheet will adjust accordingly. You will need:
Asking Price (Or your offer price if it is different than the asking)
Money Down (What do you have saved to put toward the purchase?)
Annual Interest Rate (This will fluctuate, check with your bank to see what their rates are and adjust accordingly)
Life Loan (Most commonly 30 Years or 15 Years)
Payments per Year (usually 12 - 1 per month)
Property Taxes (for the property you are looking at)
Estimate for property insurance
Download: Mortgage Calculator Template.xlsx
Keep in mind, this does not include budgeting for expenses such as Inspections or your Closing Costs.
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