This worksheet is intended to provide a general idea of what you can afford in a house. The accuracy of the "answer" is, of course, dependent on the accuracy of the data you enter but, in any case, is only an estimate, since different Lenders and Lender's Programs have different requirements. Here is an explanation of a few of the terms. Gross Annual Income is the total of all sources of your regular income. Monthly Long Term Debt is the sum of your monthly payments on debt that will not be paid off in the next 6 months (car payments, credit card payments etc.) Tax & Insurance Rates are based on the value of the property. If you don't know, use the defaults by pressing "Enter" at those fields. Gross Annual Income (before taxes) Monthly Long Term Debt Cash available for down payment Property Tax Rate (in %) Home Owner's Insurance rate (in %) Loan Annual Interest Rate (in %) Term of the loan (in years)

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