This is NOT the only way to do but I do want your numbers in tables and a summary of monthly costs for your house.
Note: This is for comparing two houses in the sample and you only have to do one house.
Also, if you live at home now or don’t have a full time job or salary, use a PROJECTED salary when you graduate for instance project that you will make $60,000 a year and you can also add the income if you are buying a place with a partner or a roommate which may help you afford more.
For the calculations on what you can afford, remember the 36% 28% rule. You will need to include other debt payments (car payment, student loan, credit card) when you calculate the 36% of gross income.
Let me know if you need help! The sample project is at end of assignment on last page. Here is a good online calculator to calculate what amount of house you can afford: How Much House Can I Afford (Calculator)
