HOW MUCH CAN I AFFORD TO PAY?
1. What is your GROSS HOUSEHOLD monthly income? $ (A)
*Be sure to include any income received by Social Security, Child Support, Pension, Retirement, etc.
**Be sure to include income received by ALL household members.
2. What are the household’s monthly debts? (do not include utility bills, insurance payments, etc.)
Car Payment: Child Support Payment:
Student Loan Payment: Credit Card Payment:
Other: Other:
TOTAL OF ALL MONTHLY PAYMENTS: $ (B)
3. Front-end Ratio (34% of your gross household income)
$ X 34% = $ (C) = Your front-end ratio
(A)
4. Back-end Ratio (42% of your gross household income – your household debts):
$ X 42% = $ (D) =
(A)
- = $ (E) = Your back-end ratio
(D) (B)
Compare Lines C and E: C = E =
The lowest number in Line C OR Line E, is your MAXIMUM TOTAL House Payment.
Community Housing staff will calculate what price home you should be looking based on this number. This is why you must be as specific and accurate as possible with all of your income and debts.
A FEDERAL 501(C)3 CHARITABLE, NON-PROFIT HOUSING ORGANIZATION
PO BOX 410522 MELBOURNE, FL 32941-0522 OFFICE 321-253-0053 FAX 321-253-1575
