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RENT CALCULATOR

Use this calculator to determine HOW MUCH RENT or monthly payment an applicant can really afford to pay each month. Many rental owners mistakenly only take into account the amount of INCOME a resident receives monthly to determine if they are financially able to pay the rent. An equally important factor is how much does the applicant pay monthly in EXPENSES. This calculator takes both factors into account to determine how much rent can the applicant really afford.


Areas labeled "--CALC--" will be calculated from given values.
GROSS VERIFIABLE INCOME
(All figures below are monthly)
Applicant's Name
Wages
Wages
Self-Employed Income:
Pension:
Alimony:
Child Support:
Social Security:
Interest:
Dividends:
Other:
*Subtotal - Income:--CALC--
Savings Account Balance:
*Add 5% of that balance to available income:--CALC--
*TOTAL INCOME:--CALC--


EXPENSES
(All figures below are estimated monthly average amounts)
Vehicle Payments:
Vehicle Expenses (insurance/gas):
Credit Card Payments:
Student Loans or Tuition:
Other Loan Amounts:
Gas Bill:
Electricity Bill:
Water/Sewage Bill:
Telephone:
Cable TV:
Food:
Health Care:
Renter's Insurance:
Child Care/Tuition:
Pet Care:
Misc. Expenses:
Other:
*Taxes (20% of gross income):--CALC--
*TOTAL EXPENSES - DEDUCTIONS--CALC--
*BALANCE - TOTAL AVAILABLE TO PAY RENT:--CALC--

* These fields are automatically calculated from other information inputted. The expense amounts you put into the calculator are from information you take from the rental application, credit report and from estimates of averages by residents in your local area and in your properties. If you do not have a clue about spending estimates, here are some minimal national averages you can put into the calculator. Vehicle expenses - $100 per car; Utilities (if resident is responsible): Electric & Gas - ask local utility company for averages; Telephone - $25; Cable TV - $25; Water/Sewage - $20; Food - $100 per person; Health Care - $60 if not paid by employer ($20 if employer paid), Renter's Insurance - $25; Child Care/Tuition - $250 per child; Pet care - $25 per; Misc. Expenses - $100 per person. The above formula is adapted from the book LANDLORDING by Leigh Robinson, that is featured in our web site catalog.
 

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