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["Conventional Mortgage Qualification Worksheet "]
[null,"This worksheet can help you estimate conventional mortgage qualifications. Enter values into the yellow boxes, replacing sample data. Results will be shown in the green boxes. Optional information can be entered into the gray boxes."]
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[null,"Income","Annual Income","Monthly Income"]
[null,"Salary or wages",{"v":45000,"d":"$45,000"},{"v":3750,"d":"$3,750"}]
[null,"Other salary or wages",{"v":12000,"d":"$12,000"},{"v":1000,"d":"$1,000"}]
[null,"Rental income",{"v":0,"d":"$0"},"",{"$nulls":3},"First Qualifying Number"]
[null,"Investment income",{"v":800,"d":"$800"},{"v":66.66666666666667,"d":"$67"},null,null,"=",{"v":57800,"d":"$57,800"}]
[null,"Additional income",{"v":0,"d":"$0"},"",null,"x 0.28","=",{"v":16184.000000000002,"d":"$16,184"}]
[null,"Total income",{"v":57800,"d":"$57,800"},{"v":4816.666666666667,"d":"$4,817"},null,"÷12","=",{"v":1348.6666666666667,"d":"$1,349"}]
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[null,"Long-Term Debts","Monthly Debt","Annual Debt"]
[null,"Car loan payments",{"v":275,"d":"$275"},{"v":3300,"d":"$3,300"},{"$nulls":3},"Second Qualifying Number"]
[null,"Credit card payments",{"v":50,"d":"$50"},{"v":600,"d":"$600"},null,null,"=",{"v":57800,"d":"$57,800"}]
[null,"Other loan payment",{"v":0,"d":"$0"},"",null,"x 0.36","=",{"v":20808,"d":"$20,808"}]
[null,"Other loan payment",{"v":0,"d":"$0"},"",null,"÷12","=",{"v":1734,"d":"$1,734"}]
[null,"Total debts",{"v":325,"d":"$325.00"},{"v":3900,"d":"$3,900.00"},null,null,"=",{"v":1409,"d":"$1,409"}]
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[null,"Qualifying"]
[null,"The first qualifying number (above right) calculates your maximum monthly payment assuming you have no long-term debt. It is computed by multiplying your total income by your housing cost ratio and dividing the result by 12. The second qualifying number takes into account your monthly debt payments, applying your total debt service ratio. Mortgage companies usually qualify you for monthly payments no higher than the lesser of the two results. By default, this worksheet assumes a housing cost ratio of 0.28 and a total debt service ratio of 0.36, which are often-used standards for conventional mortgages. If different ratios apply in your case, change the values in the cells below:"]
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[null,"Housing cost ratio:",{"$nulls":5},0.28]
[null,"Total debt service ratio:",{"$nulls":5},0.36]
[null,"You may qualify for monthly payments of:",{"$nulls":5},{"v":1348.6666666666667,"d":"$1,349"}]
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[null," Loan Amount"]
[null,"The table below calculates the amount of a loan you might qualify for with the monthly payment shown above. Depending on the circumstances, some or all of the following will be true:\n   • In all cases, your monthly payment will include principal and interest payments. \n   • In most cases, it will include a monthly escrow deposit to cover taxes and mortgage insurance,  if any. In some cases, homeowner's insurance is also included in this calculation.\n   • If you are buying a condominium or co-op unit, the monthly payment figure may also include your homeowner's dues and/or maintenance fees.\n\nYou will need to estimate these monthly costs and type them into the appropriate cells below."]
{"$rows_empty":9}
[null,"Important: This worksheet provides a rough estimate for conventional, fixed-term mortgages. Loan terms vary depending on type of mortgage and lender policies.  Consult a professional lender for exact data.","Total monthly payment allowed: ",{"$nulls":4},{"v":1348.6666666666667,"d":"$1,349"}]
[null,null,"Estimated monthly escrow payment: ",{"$nulls":4},{"v":75,"d":"$75"}]
[null,null,"Homeowner's insurance, if applicable: ",{"$nulls":4},{"v":125,"d":"$125"}]
[null,null,"Homeowner's dues and other fees, if any: ",{"$nulls":4},{"v":0,"d":"$0"}]
[null,null,"Annual interest rate (e.g., 7.125): ",{"$nulls":4},{"v":0.07125,"d":"7.125%"}]
[null,null,"Duration of loan (in years): ",{"$nulls":4},30]
[null,null,"Monthly principal + interest payment: ",{"$nulls":4},{"v":1148.6666666666667,"d":"$1,149"}]
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[null,null,"Maximum loan amount: ",{"$nulls":4},{"v":170496.52442957117,"d":"$170,497"}]
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[null,"This worksheet is locked to preserve the formulas that calculate your results. To unlock the worksheet, go to the Tools menu, select Protection, then choose Unprotect Sheet. This sheet does not use a password."]