Monthly Debt Worksheet
As you work with your lender to find the mortgage that fits your needs, you're likely to hear about qualifying ratios. These are general guidelines regarding your housing costs and overall debt.
Your lender is likely to tell you that you (and any co-borrowers) should spend no more than 28 percent of your income on housing and no more than 36 percent on total debt.
Use this worksheet to evaluate your monthly debt payments. You and your lender are likely to use the monthly total you determine to help find the mortgage that's right for you.
We suggest you print this worksheet and fill it out.
Monthly Debt Worksheet
Enter the following information to evaluate your current debt situation. Do not include debt that will be paid off within the next 10 months or current housing expenses such as rent, utilities or telephone.
Debt/Liability Borrower Co-Borrower
Credit Cards (minimum monthly payment) $ ___ $ ___
Car Loans (minimum monthly payment) $ ___ $ ___
Student Loans $ ___ $ ___
Installment Loans $ ___ $ ___
Home Equity Loans $ ___ $ ___
Alimony, Child Support, or Separate Maintenance $ ___ $ ___
Other Monthly Debts $ ___ $ ___
Subtotal $ ___ $ ___
Total $ ______
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