Villanova College GLC2O

Budgeting Worksheet

Introduction:
1. My partner is Giorgina. We have 2 children.
2. My salary is $ 44,004 /year which is $ 2,981/ month.
3. My spouse’s salary is $ 54,000/year which is $3,294/ month.
4. Our total salary is $74,874 /year which is $6,239/ month.
5. Our total childcare cost is $184/year which is $15/month.
6. We live in Toronto_.

Getting Pre-approved:

1. According to RateHub.ca, our maximum house price is (round to nearest thousand)

$2000/month.
2. The monthly mortgage payment would be $0 (We’re renting)
3. Our estimated property taxes would be $0 per year or $0 per month (divide by 12).

Finding Your First Home:

1. What is the MLS # for your house? What is the purchase price of your home?
2000$/month
2. The home is a (circle one) single family detached townhouse condo
3. There are 2 bedrooms, and 1 bathroom.

Mortgaging Your Dream:

1. How much cash will indeed secure my first home? Use the “Cash Needed” tab to see the following
values:
Down Payment: ___________________
PST on Mortgage Insurance: ___________________
Land Transfer Tax: ___________________
Lawyer Fees: ___________________
Title Insurance: ___________________
Total Cash Required: ___________________

2. My monthly mortgage payment is: $0.

3. The total amount of money I will pay during my 5-year term (“Total Principal and Interest Payment
for Term”) is: $_______________________.
4. Total amount of mortgage (principle) I will pay off during this term: $0.
5. Total amount of interest paid (cost) during this term: $_______________________.
6. Balance of mortgage still owing at the end of 5-year term is: $_______________________.

The rest of the work will be completed on the Excel budgeting spreadsheet. Make wise decisions!!