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MORTGAGE TUTORIAL

A budget allows you to analyze:

How much money is coming in
How much money is going out
How much you can afford for a monthly mortgage payment and other housing expenses

Generally, creating a budget begins with calculating your net income. In addition to net income from your employment, other income that may factor into your budget includes interest from a savings account, cash gifts, tips, bonuses and child support.

Calculating Your Net Monthly Income
Simply apply the following formula, depending on how often you are paid:
- If weekly, multiply your take-home pay (the amount of your paycheck after all deductions) by 52 and divide by 12
- If bi-weekly, multiply your take-home pay by 26 and divide by 12
- If semi-monthly, multiply your take-home pay by 24 and divide by 12



Jump to:
1.	Home Budgeting	5.	The Important Reason to Budget – Preparing for Life’s Curve Balls
2.	Budget Terms	6.	Shopping Within Your Budget
3.	Why Budgeting Works	7.	Stretching
4.	Developing a Budget	8.	Learn More About Budgeting

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Why Budgeting Works