Toronto Home Buyer: Can You Afford those Mortgage Payments

Outlined in my post on Mortgage Payments: What Can You Afford? I explained the P.I.T.H (principal and interest, taxes, and heating expenses) calculation for mortgage payment affordability. To further that post I started jotting down a list of possible items for you to include in your calculation. If I have missed some obvious ones please feel free to leave a comment outlining the items that I missed.
Standard Monthly Budget items:

1.    Daycare (if applicable)

2.    Food Costs (groceries, etc.)

3.    Miscellaneous Personal Costs (clothing, etc.)

4.    Life Insurance

5.    Public Transportation (if applicable)

6.    Car – Fuel & Regular Maintenance

7.    Car – Repairs

8.    Car – Auto Insurance & Registration Fee

9.    Car – Loan or Lease

10.    Electricity/Hydro (not heat)

11.    Water

12.    Telephone

13.    Cable Television/Video Entertainment

14.    Recreational Entertainment (movies, sports, etc.)

15.    Alcohol and Cigarettes

16.    Reading Materials (newspapers, magazines, books)

17.    Home – Maintenance & Repairs

18.    Home – Insurance

19.    Consumer Goods (furnishings, etc.)

20.    Banking Fees (account fee, RRSP, etc.)

21.    Donations

22.    Line of Credit

23.    Credit Cards & Charges

24.    Other Loans & Payments

Total Lifestyle Monthly Expenses =

Payroll Deductions

Income Tax
Benefits/other

Total Monthly Expenses =

Income (monthly) =

(deduct) Total Monthly Expenses

Leaves you with your P.I.T.H. (principal, interest, taxes, heat)

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