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Setting up your Budget
You must have a
5% Down payment for both
the house and the
car.
Make sure this amount is clearly indicated before you
determine your monthly payments.
Figure out your
monthly mortgage payment using the
Yahoo! Real Estate Loan Payment Calculator.
Budget experts recommend that a house payment should be
no more than 28% of your gross monthly income. Consider
a 15 year mortgage and a 25 year mortgage. Use current
mortgage rates.
Figure your monthly
car payment using
Yahoo! Car Loan Payment Calculator. Your car
payment should be no more that 12% of your gross monthly
income. Use 8% for the annual percentage rate for the
loan and 4 or 5 years for the loan payment period.
Record all information on
your
budget worksheet.
Use the information from your
worksheet to complete your
actual budget.
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