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Basic Budget worksheet
The first step to getting yourself into good financial shape to buy a home is to know exactly how much money comes in and how much goes out.
Use the worksheet below to list your income and expenses.
Income Tax Savings
The government is basically subsidizing the purchase of your home. All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduce your taxable income.
For example, assume your initial loan balance is $150,000 with an interest rate of eight percent.
During the first year you would pay $9969.27 in interest.
If your first payment is January 1st, your taxable income would be almost $10,000 less due to the IRS interest rate deduction.
Property taxes are deductible, too. Whatever property taxes you pay in a given year may also be deducted from your gross income, lowering your tax obligation
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INCOME |
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Take Home Pay (all family members) |
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Child Support/Alimony |
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Pension/Social Security |
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Disability/Other Insurance |
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Interest/Dividends |
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Other |
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Total Income |
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EXPENSES |
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Rent/Mortgage (include taxes, principal, and insurance) |
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Life Insurance |
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Health/Disability Insurance |
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Vehicle Insurance |
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Homeowner´s or Other Insurance |
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Car Payments |
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Other Loan Payments |
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Savings/Pension Contribution |
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Utilities (gas, water, electric, phone) |
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Credit Card Payments |
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Car Upkeep (gas, maintenance, etc.) |
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Clothing |
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Personal Care Products (shampoo, cologne, etc.) |
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Groceries |
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Food Outside the Home (restaurant meals and carryout) |
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Medical/Dental/Prescriptions |
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Household Goods (hardware, lawn, and garden) |
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Recreation/Entertainment |
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Child Care |
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Education (continuing education, classes, etc.) |
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Charitable Donations |
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Miscellaneous |
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Total Expenses |
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Remaining Income After Expenses
(Subtract Total Income from Total Expenses) |
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If you have any questions please - contact me today
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Sallyanne Holmes - GRI
A Licensed REALTOR ® in the State of Colorado |
Merit Co Inc
6120 Tutt Blvd
Colorado Springs, CO 80923 |
Cell: (719) 660-0622
Business: (719) 596-7800
Fax: (719) 596-1784 |
Email: Sallyanne@homesforsaleco.com | |
