Saving for a Home - Excel Financial Planner

If you are trying to save money for a new home, it might help to know what your after tax free cash flow looks like over the next 5 years or so. I have built a nice tool that may help you see how long you are going to have to save for and how much free cash you will have pre and post home purchase.

$45.00 USD

The template will be immediately available for download after purchase. This is part of the personal finance bundle (7th category down here).

The key assumptions are gross monthly income, monthly taxes (federal/state/city), and monthly living expenses. You can adjust these on a monthly basis over a forward 60-month period. Based on that, the model will calculate your expected savings and test that against how much you need to make a down payment and still meet your cash reserve criteria.

All you have to do in this model is change all the light yellow cells to meet your specific situation and it will tell you the month you should be able to buy a new house as well as how much cash flow you will have coming in per month before and after the purchase.

One of the more advanced features of the logic here is dynamically taking out the old rent/mortgage you were paying and replacing it with the new mortgage. This was quite difficult to make work in a dynamic way, but it does.

There is a summary chart that displays your on-going cash position after taxes that may be useful so you can see what kind of savings you will have over the course of the next 60 months as well as the expected annual savings assuming your cash in and cash out match the assumptions entered.

The idea behind this financial model was to make something simple enough that anyone can use it, but also provide enough dynamic features so that a wide range of things can be tested against.

This is also available in google sheets. Just ask.