The worksheet for what you’ll really pay each month

What’s on the list

1. 1

   Start with the gross monthly income of everyone who’s going on the loan.

2. 2

   List your minimum monthly debt payments: car, cards, student loans, support. Lenders run your debt-to-income off those minimums, not off the extra you throw at them.

3. 3

   Your real monthly payment has five parts: principal, interest, property taxes, insurance, and in a condo, the association fee.

4. 4

   Florida property taxes get reassessed after a sale. So don’t use what the current owner pays as a preview of your bill. It won’t be that.

5. 5

   If you’re living there and you qualify, look at the homestead exemption: Florida takes up to $50,000 off the assessed value, and the application deadline is March 1.

   Florida Department of Revenue — Homestead exemption
6. 6

   Get a real insurance quote before you write the offer — roof age and flood zone especially. Check the property’s zone on FEMA’s official map.

   FEMA — Flood Map Service Center
7. 7

   Condo? Ask for the monthly fee and whether there’s a special assessment approved or under study. An assessment rewrites your budget overnight.

8. 8

   Park your closing cash in one account and leave it alone. The lender is going to ask you to source every single dollar.

9. 9

   Keep a reserve after closing. A lot of programs want to see it, and honestly, you’ll need it either way.

10. 10

    Test-drive the payment for a month: every week, set aside the difference between your rent and what you’re planning to pay. If it’s tight on paper, it’s tight in real life.

11. 11

    Budget annual maintenance. In a single-family home the roof, the A/C and the yard are yours now, and they don’t give notice.

12. 12

    Write your ceiling down before you start looking. In a negotiation, a number you never wrote down has a way of moving on its own.

Your situation doesn’t fit a checklist? Message Jordan or book 15 minutes.