First-Time Homebuyer Budget Worksheet – Spreadsheet Template
Determining just how much you can afford to spend on your home can be tricky, especially when you’re buying a home for the first time. Careful budgeting can help you to plan, ensuring that you always have enough money for your living expenses as well as your homeownership costs.
This free, downloadable first-time homebuyer budget worksheet (i.e., spreadsheet template) can help guide you through the process of creating your budget.
The budget worksheet identifies key expenses that will help you to understand your financial health, so you can determine if you’re financially ready to buy your first home.
These expenses include the cost of the following:
- Car payments
- Credit-card minimums
- Student loans
- Child support
- And other obligations
The worksheet breaks down your financial obligations into different expense areas so you can understand exactly where your money goes. It also includes some tips to help you determine what you should reasonably spend on each area.
Once you complete the first-time homebuyer budget worksheet, you will be equipped to better maximize your savings to prepare for the new and additional expenses that you will face as a homeowner.
As you develop your monthly budget, look for even small ways to increase your income and to reduce your expenses. Small changes can add up to increased savings.
The budget worksheet can help you to determine if you’re ready to buy a home. When you do decide to buy a home, having this detailed budget worksheet on hand will be pivotal in helping you to determine exactly how much home you can afford. This will depend on your debt to income ratio.
First-time homebuyers will need to anticipate an array of expenses beyond the purchase price of a home. These include the down payment, closing costs, house inspections, homeowners insurance, property taxes, necessary home improvements, and emergency repairs.
After closing on the home, a new homeowner will need to be prepared for their monthly payment, which includes the mortgage payment, likely with private mortgage insurance added. And then there are periodic expenses such as property tax and repairs.
This spreadsheet will help you be prepared for all expenses related to your upcoming home purchase.
Complete the Form to Get the Worksheet
If this free, downloadable first-time homebuyer budget worksheet sounds like something that will help you, complete the short form below to receive your complementary copy. (Please note that the worksheet comes as an Excel spreadsheet linked within the PDF.)
Best of luck to you as you undergo your first first-time home-buying adventure!
Originally published February 2023, updated November 2023.