Kingdom Keys Readiness Worksheet

Homeownership Readiness Budget Worksheet

Step 1: Determine Your Monthly Income (Include all sources of income)

Primary Income

Secondary Income

Other Income (bonuses, alimony, etc.

Total Monthly Income:

Step 2: Estimate Monthly Homeownership Costs

Estimated Mortgage Payment (Principal & Interest)

Property Taxes

Homeowners Insurance

HOA Fees if applicable

Utilities Electricity Water Gas etc

Maintenance/Repairs

Total Estimated Homeownership Costs

Step 3: Evaluate Your Current Monthly Expenses

Rent

Car Payment

Student Loans

Credit Card Payments

Other Loans

Groceries & Household Expenses

Transportation (Gas, Insurance, etc.

Entertainment & Subscriptions

Savings Contributions

Other Expenses

Total Current Expenses

Step 4: Assess Homeownership Affordability

Current Rent VS. Estimated Mortgage Payment

Surplus or Shortage Income - Expenses

Can you comfortably afford homeownership right now? (Yes / No)

Step 5: Next Steps

If you have a surplus, consider saving for a down payment.

If your expenses exceed your income, explore cost-cutting strategies or down payment assistance programs.

Meet with our mortgage expert to assess pre-qualification options.

Contact: Sabrina Benjamin-Bailey, Mortgage Broker

(757) 362-1723 | email: sabrina@cmsmtgsolutions.com