House Refinance Center
Mortgage Affordability Worksheet        
Your Monthly Income and Expenses:


How much can you afford? This is the million dollar question.
Once you have decided to refinance your house, you must
realized that you are increasing your mortgage, and in many
cases, increasing the amount of your monthly payment. The
mortgage rate might be lower, but the monthly payment could
be higher than what you are usually paying. The worksheet
below will help you decide how much money you have
available to make your mortgage payments after the refinance.
This is only a guide. Please be as accurate as possible in your
estimates.

Keep this worksheet, and after the refinance is complete, and
life is back to normal, use the third column "Actual", to monitor
your progress. This will keep you on track, and ensure that you
do not over-spend.
  Estimated
 Actual
INCOME
    
Borrower Salary
    
Co-borrower Salary
    
Other Income
    
TOTAL INCOME
    
     
EXPENSES
    
Credit card#1
    
Credit card#2
    
Credit card#3
    
Car payment
    
Car Insurance
    
Life Insurance
    
Health Insurance
    
Savings Plan
    
Medical
/Prescriptions
    
Child
Support/Alimony
    
Tuition/Student
loans
    
Electricity
    
Water/sewage etc
    
Club membership
    
Auto Club AAA
    
Cell phone
    
Home phone
    
Internet
    
Cable
    
Clothing Allowance
    
Entertainment
    
Other loans
    
Other expenses
    
TOTAL EXPENSES
    
     
NET INCOME
    
Loan Calculator
Loan amount ($):
Interest rate (%):
Term (years):
Additional monthly payment ($):
Monthly payment ($):
Total interest ($):
Average monthly interest ($):
Number of years:
Loan Calculator:
The Loan Calculator below will help you crunch some numbers. It will calculate your
Monthly payment, Total Interest, Average Monthly Interest, and Number of Years.
Mortgage Affordability Worksheet
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