| Mortgage Amount | Amortization |
|---|---|
| Gender | |
| Province | |
| Age of youngest home owner | |
| Home Type | |
| Estimated Home Value | |
| Max Rate |
| Loan Amount | |
| Interest Rate | |
| Term | |
| Clients Current Interest Rate | |
| Renewal Rate being offered | |
| Collateral Charge Rate | |
Mortgage cost breakdown
Monthly Payment
Amortization Chart
Important Note for Self-Employed Home Buyers
Most home buyers will obtain a mortgage from an A-lender, usually a major bank or credit union. However, many self-employed home buyers experience difficulty passing their federally regulated stress tests. Your affordability may be significantly reduced if you apply for a mortgage at an A-lender institution.
Read More…
Due to these difficulties, B-lenders have become an increasingly popular option among self-employed home buyers. While B-lender interest rates are higher than those of A-lenders, you’re likely to be approved for a much larger mortgage than at a traditional bank or credit union.One key point here is how they account for your income compared to how the banks account for it. To learn more about B-lenders and determine what option is right for you, we suggest booking a free consultation with our professional mortgage broker.
Government First-Time Homebuyer Incentive
Starting September 2, 2019, the Government of Canada is launching a shared-equity incentive for first-time buyers. The incentive essentially allows the government to pay for 5% or 10% of your home, reducing the amount you need to mortgage. You will need to repay this equity in a lump-sum up to 25 years after purchase. See our first-time buyer calculator for more details.
According to the values you have entered, you are eligible for the incentive if your annual household income is between $112,500 and $120,000. If you choose to take the incentive, your incentive amount and new mortgage amount (including the CMHC insurance premium) are shown below.
Property Type
First-Time Homebuyer Incentive Calculator 2019
There are three main incentive programs for first-time home buyers. Each program has different requirements to qualify as a first-time buyer. See the FAQ below for details.
- Land transfer tax rebates, which refund some or all of the land transfer tax levied as part of your closing costs.
- The Government of Canada First-Time Home Buyer Incentive, which allows 5% or 10% of your home to be purchased (shared-equity) by the government. This amount must be repaid, interest-free, within 25 years or if the house is sold. The program launches September 2, 2019, and is available for any purchase closed after November 1, 2019.
- The Home Buyers’ Plan, which allows you to withdraw up to $35,000 (since March 19, 2019) from your registered retirement savings plan (RRSP) tax-free. The amount must be repaid over a 15-year period.
| Land Transfer Tax Rebate | $ | 250.00 | |
|---|---|---|---|
| + | Government Shared-Equity Incentive Starts September 2, 2019. For purchases closed after November 1, 2019 only. |
$ | 2,500.00 |
| = | Total Incentive | $ | 2,750.00 |
- Government Shared-Equity Incentive
- Am I eligible for the program?
- Am I a first-time home-buyer?
- How long does the program last?
- How much do I qualify for?
- What is the borrowing limit, and how does it work?
- How much do I need to pay back?
- When do I need to pay back the incentive?
- I am buying a mobile or manufactured home. Am I eligible?
- Examples
- Land Transfer Tax Rebate
- RRSP Home Buyers’ Plan
Government Shared-Equity Incentive
The government of Canada offers a First-Time Home Buyer Incentive program starting September 2, 2019. Under the program, you can apply for a 5% or 10% shared-equity mortgage with the Government of Canada, reducing your mortgage payments. Essentially, the government will help you purchase 5% or 10% of your home, to be paid back at a later date.
You are eligible to apply for 5% of your purchase price in shared equity. Given your selections, you are eligible for a maximum of $2,500 in government incentives.
Frequently Asked Questions
Am I eligible for the program?
The program is only available for CMHC-insured mortgages. Therefore, you are automatically ineligible if
- your purchase price is $600,000 or above, or
- your down payment is at least 20% of your purchase price.
To qualify for a government shared-equity incentive,
- you must be a citizen or permanent resident of Canada,
- you or your partner must be a first-time home-buyer (see ‘Am I a first-time home-buyer?’ below), and
- your annual household income cannot exceed $120,000.
Even if you satisfy these criteria, there are limits on how much you can borrow depending on your annual household income. See ‘What is the borrowing limit, and how does it work?’ below. Other criteria may apply in special situations.
Am I a first-time home-buyer?
You qualify as a first-time home-buyer if
- you have never purchased a home,
- you have gone through a breakdown of marriage or common-law partnership, or
- in the last four years, you have not occupied a home owned by you or your partner.
You only need to satisfy at least one of the above criteria to qualify. Only one spouse/common-law partner needs to meet the above requirements to qualify.
How long does the program last?
The program launches September 2, 2019, and is available for any purchase closed after November 1, 2019.
The program will end either:
- after three years (September 2, 2022), or
- when a total of $1.25 billion of incentives have been granted,
whichever occurs sooner. Many experts expect the funding to go quickly, so it may be prudent to act as soon as possible.
How much do I qualify for?
- For existing, resale, or mobile/manufactured homes, you can apply for a 5% shared-equity incentive.
- For newly constructed homes, you have the option of applying for a 5% or a 10% shared-equity incentive.
Borrowing limits may apply in both of these cases. See ‘What is the borrowing limit, and how does it work?’ below.
What is the borrowing limit, and how does it work?
Your borrowing limit is four times your annual household income. Your total borrowing amount (mortgage principal + shared-equity incentive) cannot exceed this limit. The CMHC mortgage insurance premium does not count towards the limit.
No partial incentives are given. The only options are 5% and 10% shared-equity.
How much do I need to pay back?
The amount you owe depends on the future fair-market value of your property at the time of repayment. You will need pay 5% or 10% of the future property value, depending on which incentive program you applied for. No interest is charged in either case.
When do I need to pay back the incentive?
You must pay back the incentive within 25 years or if the property is sold, whichever occurs first. You must pay the amount in full.
There are no prepayment fees or penalties for an early payment. If you believe your property value will rise in the future, paying early may lower your payment amount.
I am buying a mobile or manufactured home. Am I eligible?
Yes. However, you can only apply for the 5% shared-equity incentive option, even if the home is new.
Examples
John and his wife want to buy a newly constructed home for $400,000. They would qualify for 10% of the purchase price, or $40,000, under the shared-equity incentive program.
At a 3% interest rate, this would lower their monthly payment from $1,870 to $1,673, saving them nearly $200 per month, or $60,000, over the lifetime of the mortgage.*
Assuming they make the minimum 5% ($20,000) down payment, John and his wife would need to make between $95,000 and $120,000 in total to qualify.
*Assuming a 5-year fixed term with 25-year amortization and 5% down payment.
Marissa makes $80,000 a year, and has $60,000 saved up for a down payment.. To qualify for the shared-equity incentive, she can purchase a home worth up to $380,000.
She buys a resale condo for $360,000. Marissa is eligible for $18,000 from the Government of Canada First-Time Home Buyer Incentive, allowing her to take out a mortgage of only $282,000 plus insurance.
Land Transfer Tax Rebate
When you acquire a property (and the land it rests on), you must pay a land transfer tax to the government after the transaction closes. As a first-time home buyer, you are eligible for land transfer tax rebates, often worth thousands. A detailed breakdown of your land transfer tax costs and savings is below.
| Provincial | $ | 250.00 | |
|---|---|---|---|
| + | Municipal | $ | 0.00 |
| − | Rebate | $ | 250.00 |
| = | Total Tax | $ | 0.00 |
Detailed Breakdown
Ontario Land Transfer Tax
Ontario levies a land transfer tax by applying a tax-bracket system to your property’s purchase price. The full breakdown of your provincial land transfer tax is shown below.
| Tax Bracket | Marginal Tax Rate | Marginal Purchase Price | Marginal Tax | ||||
|---|---|---|---|---|---|---|---|
| First $55,00055k | 0.5% | × | $ | 50,00050k | = | $ | 250250 |
| $55,00055k to $250,000250k | 1.0% | × | $ | 00 | = | $ | 00 |
| $250,000250k to $400,000400k | 1.5% | × | $ | 00 | = | $ | 00 |
| $400,000400k to $2,000,0002.00m | 2.0% | × | $ | 00 | = | $ | 00 |
| Over $2,000,0002.00m | 2.5% | × | $ | 00 | = | $ | 00 |
| Total Tax | $ | 250250 | |||||
Starting January 1, 2017, Ontario offers a land transfer tax refund of up to $4,000 for first-time home buyers. Since your provincial tax exceeds the rebate limit, your provincial rebate is capped at $4,000.
Municipal Land Transfer Tax
Toronto is the only city in Ontario that levies a municipal land transfer tax. According to your selections, municipal land transfer tax does not apply to you.
Frequently Asked Questions
Am I a first-time home-buyer?
To qualify as a first-time home buyer, you must meet all of the following criteria:
- You must be at least 18 years of age.
- You must be a Canadian citizen or permanent resident.
- You must occupy the property as your principal residence within nine months of purchase.
- You cannot have owned a home, anywhere in the world, at any time.
- Your spouse/common-law partner cannot have owned a home while they were your partner.
How do I claim a rebate?
You may obtain an immediate refund at the time of registration.
- If you are registering electronically, you must fill Statement 9028 and 9029 under the Explanation tab of the land transfer tax section.
- If you are filing on paper, you must submit an Ontario Land Transfer Tax Refund Affadavit at the Land Registry Office.
I did not claim a rebate at the time of registration. Am I still eligible?
Yes, if you act quickly. You may claim your rebate at any point within 18 months of purchase.
Can I get a rebate if I am not a citizen or permanent resident of Canada?
Yes, in certain cases. After the purchase of a property, you have an 18-month window following registration to obtain a rebate. If you gain citizenship or permanent residency during this period, you can claim the full rebate amount.
What is land speculation tax?
The Non-Resident Speculation Tax (NRST), also known as land speculation tax, is a 15% tax on residential property in areas near Toronto.
The tax only applies to individuals who are not citizens or permanent residents of Canada. The specific region involved is known as the Greater Golden Horseshoe region, shown below.
For more information, visit the official government website.
RRSP Home Buyers’ Plan
Since March 19, 2019 (as part of Budget 2019), the Home Buyers’ Plan will allow first-time home buyers to withdraw up to $35,000 tax-free from their registered retirement savings plan (RRSP) to buy or build a home. The amount must be repaid over a period of 15 years.
This is a recent increase over the current limit of $25,000, to take effect after the approval of Budget 2019.
Do I qualify for the Home Buyers’ Plan?
You must meet the following criteria to qualify for the Home Buyers’ Plan:
- You must be a resident of Canada at the time of withdrawal.
- You must be the owner of the RRSP(s) from which the withdrawals are made.
- Your RRSP contributions must have stayed in the RRSP for at least 90 days before withdrawal.
- Neither you nor your spouse/common-law partner can have owned the relevant home for more than 30 days.
- Neither you nor your spouse/common-law partner can have owned another home in the last four years.
If you have a disability, the last requirement is waived. Additional requirements may apply in special cases.
Is the withdrawal limit per person or per household?
The withdrawal limit is per-person. Each spouse/common-law partner has their own, separate withdrawal limit. If you are married or in a common-law relationship, you can therefore withdraw a total of $70,000.
Note that only the person registered as the owner of an RRSP can withdraw from it under the program. Each spouse will need to have their own RRSP account to take advantage of the increased limit.
How do I make a withdrawal?
You must submit a Form T1036 to your financial institution for each withdrawal you wish to make.
How many withdrawals can I make?
You can make an unlimited number of withdrawals within one calendar year up to a total of $35,000. Withdrawals made during January of the following year are also tax-exempt.
When do I need to repay my withdrawals?
You have up to 15 years to repay the amount withdrawn to your RRSP. Repayments start the calendar year after the withdrawal is made. Each year, the Canada Revenue Agency (CRA) will send you a Home Buyers’ Plan statement of account listing your remaining balance and minimum payment.
If you make more than your minimum payment, your later minimum payments will be reduced. You may repay the full loan amount at any time without penalty.
How do I make a repayment?
To make a repayment under the Home Buyers’ Plan (HBP), you need to make a contribution to your RRSP and designate a portion of the contribution as an HBP repayment. You may make this designation on line 246 of Schedule 7 when filing your next tax return.
Examples
Jessica and her husband want to buy a home in Toronto for $900,000, but only have $80,000 saved for a down payment. Assuming an interest rate of 3%, their monthly payment would normally be $4,036 per month.*
Jessica and her husband each withdraw $35,000 from their own RRSP account. In total, they make a down payment of $150,000, lowering their monthly mortgage payment to $3,649. That’s a savings of $387 per month, or $116,000 over the lifetime of their mortgage.
To repay the loan, they will need to make an annual payment of $4,667 for 15 years. No interest or tax is charged on the RRSP withdrawal.
*Assuming a 5-year fixed term with 25-year amortization.
Nathan purchased a home five years ago with the help of the RRSP Home Buyers’ Plan. He withdrew the maximum of $35,000, and has made the minimum $2,333 annual payment each year.
This year, however, Nathan can only afford to make a payment of $1,000. The missing $1,333 is filed as taxable income on his next return. Since his remaining balance is now larger than planned, his minimum payment increases to $2,481 starting next year. No other fees or penalties are charged.
Daily Interest
Monthly Interest
Summary
Prime Rate Increase / Decrease
| Years | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Month 1 | |||||
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| Month 11 | |||||
| Month 12 | |||||
Fixed Rate Information
Variable Rate Information
| Year | Fixed Mortgage Balance | Fixed Mortgage Interest | Variable Mortgage Balance | Variable Mortgage Interest |
|---|---|---|---|---|
| 1 | ||||
| 2 | ||||
| 3 | ||||
| 4 | ||||
| 5 |
Fixed Rate
Variable Rate
| Conventional | Insured w/ Lump Sum | |
|---|---|---|
| Purchase Price | ||
| Down Payment | ||
| Percentage of Down Payment | ||
| Mortgage Amount | ||
| Mortgage Insurance | ||
| Lump Sum - difference in Down Payment | ||
| Total Mortgage Amount | ||
| Annual Interest Rate (%) | ||
| Term of Loan (in Years) | ||
| Monthly Payment | ||
| Term | ||
| Balance at the end of the term | ||
| Difference in end balances |
Your estimated mortgage penalty is:
Interest rate differential (IRD) penalty
(Interest rate differential (IRD) penalty
Disclaimer
Please note that the calculation results are estimates based on our most up-to-date
information sourced from lenders’ publicly stated methodology and first-hand accounts. This information
is subject to change. The results do not include special offers, such as cash back incentives, or any
discharge, registration, reinvestment or transfer fees you may also incur. For an exact penalty
calculation, contact your lender directly .Use this as an estimate we can not be liable for any
estimated numbers seen here.
ATB Financial: 1-800-332-8383
BMO: 1-877-225-5266
CIBC: 1-888-264-6843
First National: 1-888-488-0794
Home Trust: 1-877-903-2133
HSBC: 1-888-310-4722
Laurentian: 1-800-252-1846
MCAP: 1-800-265-2624
National Bank: 1-888-483-5628
RBC: 1-800-769-2511
RMG: 1-866-809-5800
Scotiabank: 1-888-990-9923
TD: 1-800-722-3098
The Mortgage Refinance Calculator
1. Enter your mortgage information in the current mortgage grid below. 2. Enter the potential new interest rate into the new mortgage grid. Ask your mortgage lender or visit their online breaking penalty calculator for your estimated breaking penalty. You will see your total potential savings or the cost of refinancing your mortgage below. Still not sure whether or not to refinance your mortgage? Give us a call at 1-866-600-8762 or email support@citadelmortgages.ca Calculator is for informational purposes only. Learn more with a free consultation.
Current Mortgage
| Total Savings/Cost | |
|---|---|
| Refinance (Yes/No) |
New Mortgage
| Monthly Rate Output | |
|---|---|
| Current | asdsaddsad |
| New | asdsaddsad |
CASH BACK COMPARISON
| Scenario | Cash Back Rate | Mortgage Amount | Cash Back Amount | Rate (%) | Monthly P&I ($) | Payment Difference | Total Difference over 60 months | Cash Back Received Compared to Total Difference over 60 months |
|---|---|---|---|---|---|---|---|---|
| Non Cash Back Offer | ||||||||
| RMG | ||||||||
| Potentially Consolidating Some or all Debt With the Cashback? | ||
|---|---|---|
| List of Debts | Balances | Payment |
| Visa | ||
| Mastercard | ||
| Car loan | ||
| Line of Credit | ||
| Totals | ||
| Covering Closing Costs with the Cash back? | |
|---|---|
| List of Costs | Balances |
| Lawyer | |
| Moving | |
| Land Transfer Tax | |
| Totals | |
Reverse Mortgage Calculator
You may be eligible to borrow up to:-
Monthly Income:
Let's start with your monthly after-tax income| Wages / Salary | ||
| Rental Income | ||
| Pension Income | ||
Monthly housing expenses:
| Rent / mortgage: | ||
| Utilities / heat / water / electricity / phone / cable / Internet: | ||
| Home maintenance & improvements/condo fees: | ||
| Property tax: | ||
Monthly transportation expenses:
| Car loan / lease payment: | ||
| Gas/oil changes and repairs: | ||
| Car insurance: | ||
| Public transit: | ||
| Parking fees: | ||
Monthly living expenses:
| Groceries: | ||
| Clothing and grooming: | ||
| Coffee/lunches and dining out: | ||
| Charitable donations: | ||
Monthly child care/ care for other dependents expenses:
| Daycare/ after-school care/ elder care: | ||
| Activities/ lessons: | ||
Monthly savings:
| TFSA contributions: | ||
| RRSP contributions: | ||
| RESP contributions: | ||
| Workplace savings: | ||
Monthly health-care & insurance expenses:
| Glasses / contacts / optometrist fees: | ||
| Dental: | ||
| Prescriptions/ non-prescription drugs: | ||
| Life insurance premiums: | ||
| Health insurance premiums: | ||
Monthly load & credit card payments:
| Credit card payments: | ||
| Other loan payments: | ||
Your monthly income:
$3000
Your monthly expenses:
$3000
What's left over:
$3000
You have money left over after paying
your bills.
Have you thought about what you could do to invest and multiply that extra cash?
Review your results with an advisor
Don’t forget to save your budget
so you can return and update it as your needs
change.
Remember your results
Manage your budget
Now that you’ve entered your income and expenses, you can fine-tune and update your budget as your needs change.
See what happens if you change your monthly income.
Monthly Income:
See what happens if you change your monthly expenses.
Monthly housing expenses:
Monthly transportation expenses:
Monthly living expenses:
Monthly child care/ care for other dependents expenses:
Monthly savings:
Monthly health-care & insurance expenses:
Monthly load & credit card payments:
| Results | Regular payment option | 120-day deferral option |
|---|---|---|
| # of payments | ||
| Monthly payments* | ||
| Interest adjustment ** | ||
| Cost of borrowing |
Please note that:
A) This calculator presents estimates only - the actual amount of the payment may differ slightly depending on timing of payments and rounding
B) The interest rate is variable based on certain banks Prime rate and is subject to change – This is an estimate tool only.
C) Deferral Options are only available for 12 and 24 month terms under standard RRSP Loan program. Longer Deferral Options are available with a different RSP Loan Product, a CFWG Licensed agent can help you with the difference in options.
* Monthly Payments in the calculation above includes interest adjustment for the 120-day deferral option
** The interest adjustment is the interest accumulated and payable for the 120 day deferral period
Borrowing to invest in an RRSP may not be appropriate for everyone. You will need the financial means to meet your loan obligations. In addition, investments held in an RRSP may fluctuate in value. All clients should be aware that, regardless of the RRSP’s performance or value of any investments held in their RRSP, all clients will be required to meet their loan obligations in full. Please ensure all clients read the terms of their loan agreement and the investment details for important information.
The figures provided by this mortgage calculator or any other calculator are estimates only. Citadel Mortgages nor Citadel Financial Wealth Group Inc cannot be held responsible or liable for any discrepancies or reliance on the estimated numbers presented here. You use these calculators for your own purposes and assume any risk.
Updated: December 2021
Original Mortgage Detail and Renewal (If Applicable) |
|
|---|---|
| Original Mortgage Amount | |
| Original Amortization | |
| Original Interest Rate | |
| Current Monthly Payment | |
| Balance at Maturity | |
| Remaining Amortization | |
| Renewal Rate Offer | |
| Payment at Renewal | |
| Amortization | |
| Fixed Interest Rate | |
| New Monthly Payment (Fixed) | |
| New Monthly Payment (Fixed) + 20% Prepayment | |
| Balance as Maturity on original term after 10 years | |
| Balance at Matuirty After Collateral Charge Transfer | |
Add applicable MI premium to the original mortgage amount field
Rates quoted may change or vary at any time and depend upon overall deal quality and qualifications.
This tool is for illustrative and eductional purposes only
Numbers above are based on a 5 year term
INCOME (After Tax) |
|||
|---|---|---|---|
| Enter in your take-home, after tax income. | Amount | Notes | |
| Take Home Income | |||
| Pension | |||
| Second Income | |||
| Child Tax Benefits | |||
| Support Payments | |||
| Other Income | |||
| Total Monthly Income | |||
HOUSING EXPENSES |
|||
|---|---|---|---|
| Enter in the expenses required to run your household. Should not exceed 35% | Amount | Notes | |
| 1st Mortgage Payment | |||
| 2nd Mortgage Payment | |||
| Property Taxes | |||
| Condo/Strata Fees | |||
| House Insurance | |||
| Electricity | |||
| Gas (For Home) | |||
| Alternate Heating Source | |||
| Water/Sewer/Garbage | |||
| Maintenance | |||
| Household Items | |||
| Other | |||
| TOTAL MONTHLY HOUSING EXPENSES | |||
UTILITIES |
|||
|---|---|---|---|
| Should not exceed 5% | Amount | Notes | |
| Phone | |||
| Cell Phone | |||
| Cell Phone 2 | |||
| Other Cell Phone | |||
| Cable | |||
| Internet | |||
| Phone/Internet/Cable Bundle | |||
| Other | |||
| TOTAL MONTHLY UTILITIES | |||
FOOD & GROCERY |
|||
|---|---|---|---|
| Should make up 10-20% | Amount | Notes | |
| Grocery Stores | |||
| Personal Care Items | |||
| Baby (Diapers, formula) | |||
| Big Box Stores (Costco) | |||
| TOTAL MONTHLY FOOD & GROCERY | |||
TRANSPORTATION |
|||
|---|---|---|---|
| Should make up 15-20% | Amount | Notes | |
| Lease Payment | |||
| Vehicle Loan Payment | |||
| Fuel | |||
| Insurance | |||
| Parking | |||
| Maintenance | |||
| Roadside Assistance | |||
| Bus/Train Fare | |||
| Taxi/Uber Fare | |||
| TOTAL MONTHLY TRANSPORTATION EXPENSES | |||
CLOTHING |
|||
|---|---|---|---|
| Should make up 3-5% | Amount | Notes | |
| Clothing Adults | |||
| Shoes Adults | |||
| Clothing Children | |||
| Shoes Children | |||
| Special/Professional Clothing | |||
| TOTAL MONTHLY CLOTHING EXPENSES | |||
MEDICAL |
|||
|---|---|---|---|
| Should make up 3% | Amount | Notes | |
| Provincial Medical Premiums | |||
| Specialists (Massage, physiotherapy) | |||
| Eye Care | |||
| Prescriptions | |||
| Dental | |||
| Life Insurance | |||
| Disability Insurance | |||
| Extended Health | |||
| Vert Bills/Pet Insurance | |||
| Other | |||
| TOTAL MONTHLY MEDICAL EXPENSES | |||
PERSONAL EXPENSES |
|||
|---|---|---|---|
| Should make up 5-10% | Amount | Notes | |
| Work Expenses | |||
| Daycare | |||
| Work Lunches | |||
| Work Supplies | |||
| Living Expenses | |||
| Dining Out | |||
| Coffee/Snacks | |||
| Alcohol/ Tabacco / Other | |||
| Entertainment (Event tickets) | |||
| Online Subscriptions (Audible, Netflix, Amazon Prime, Spotify) | |||
| Recreation (Sports fees) | |||
| Travel/Vacations | |||
| Hobbies | |||
| Salon Services (Haircut, Aesthetics) | |||
| Gym/Fitness Memberships | |||
| Magazines/Newspapers/Books | |||
| Education (Tuition, Supplies) | |||
| Gifts/Special Occasion | |||
| Donations/Charitable Giving | |||
| Children (School Fees, Supplies, Allowance, Other) | |||
| Other | |||
| TOTAL MONTHLY PERSONAL EXPENSES | |||
SAVINGS |
|||
|---|---|---|---|
| 5-10% Recommended | Amount | Notes | |
| Savings Account | |||
| Tax Free Savings Account (TFSA) | |||
| Registered Retirement Savings Plan (RRSP) | |||
| Registered Education Savings Plan (RESP) | |||
| Emergency Savings | |||
| Other Investments | |||
| Other | |||
| TOTAL MONTHLY SAVINGS | |||
DEBT REPAYMENT |
|||
|---|---|---|---|
| 5-15% is defined as manageable | Amount | Notes | |
| Line of Credit | |||
| Overdraft | |||
| Personal Loan | |||
| Student Loan | |||
| Credit Card 1 | |||
| Credit Card 2 | |||
| Credit Card 3 | |||
| Credit Card 4 | |||
| Credit Card 5 | |||
| Child/Spousal Support | |||
| Other Debt repayment | |||
| TOTAL MONTHLY DEBT REPAYMENTS | |||
Monthly Budget
Monthly Budget Vs Maximum Recommended
| Monthly Expenses | My Monthly Expenses | My Monthly Budget | Maximum Recommended |
|---|---|---|---|
| Housing Expenses | 35% | ||
| Utilities | 5% | ||
| Food & Grocery | 20% | ||
| Transportation | 20% | ||
| Clothing | 5% | ||
| Medical | 3% | ||
| Personal Expenses | 10% | ||
| Savings | 10% | ||
| Debt Repayment | 15% | ||
| Total Monthly Expenses |