Mortgage Qualification and Planning
This template helps you find the approximate size of the mortgage for which you can qualify and the approximate value of the house that mortgage will enable you to buy. It also translates those elements into an offer strategy. Note that you can set the precision of the answer this worksheet generates by entering 1, 10, 100, or 1000 in the Precision cell below. Since each lender sets different requirements, this worksheet is most useful for identifying a range for which you may qualify, not a specific mortgage loan amount. Precision $100
To view the template, click the worksheet tab labeled Template at the bottom of the screen or press Ctrl-PgDn. With the exception of data entry cells, all cells are protected. Use the Tab key to move from one unprotected cell to the next.
Mortgage Qualification and Planning
INCOME Annual Income Monthly Income Downpayment ($) Current Monthly Debt REAL ESTATE TAX Assessment as % of Value R.E. Tax Rate MORTGAGE Mortgage Term in Months Mortgage Rate Minimum Downpayment QUALIFICATION Overall Debt to Income Ratio % Overall Debt to Income Ratio $ Housing Debt to Income Ratio % Housing Debt to Income Ratio $ Monthly Principal and Interest Hazard Insurance Monthly R.E.Taxes Total Monthly Cost Housing Debt Requirements Met Overall Debt Requirements Met SUMMARY Qualifies for Mortgage Downpayment Offering Price (Mortgage + Downpayment) OFFER STRATEGY Offer as a % of Listing Price Listing Price