Worksheets
Two worksheets are provided to help you estimate the financial side of your purchase. Ask your New Home Specialist or loan officer for printable copies.
Down Payment Worksheet
The Down Payment Worksheet helps you determine the amount you have available for your down payment. It walks through your liquid assets, accounts for any earnest money already paid, and arrives at a figure your lender can use.
Categories typically considered:
- Cash in checking and savings accounts
- Money market funds
- Investment accounts available for liquidation
- Gift funds (with documentation)
- Earnest money already deposited
- Proceeds from the sale of a previous home (when applicable)
Monthly Payment Worksheet
The Monthly Payment Worksheet helps you estimate the monthly payment amount for your new home mortgage. The estimate includes the major components of "PITI":
- Principal and Interest — based on the loan amount, term, and interest rate
- Taxes — property taxes prorated monthly
- Insurance — homeowner's insurance, and PMI if applicable
For a community with a homeowner association or metro district, add the monthly dues or mill levy to your estimate.
These worksheets produce estimates. Your loan officer will provide an official Loan Estimate once your application is in process.