What is Budget Calculation? How does it work?

Detailed information and budget calculation tips about the working logic of our budget calculation tool

Buying a house is a goal that everyone dreams of and wants to achieve at some point in their life. However, before achieving this goal, you need to make some financial calculations. Calculating a budget for buying a house is a process that allows us to determine whether our budget is sufficient for the house we will buy.

In this calculation process, we can calculate our budget with the following steps:

1. Determining the Income Level: First of all, we need to determine the income sources that make up our budget. These incomes can come from different sources such as salaries, additional income or investments. Identify all your income sources and add up these income amounts monthly.

2. Identifying Expenses: When calculating your budget, it is important to make a complete list of your regular expenses. You should take into account all regular bills such as rents, utility bills, credit card payments, vehicle expenses. Also, don't forget to factor in your daily expenses.

3. Review Your Debts: Any credit card debts or other credit debt you have should be reviewed to determine the impact on your budget. If you pay these debts monthly, include the payment amounts in the budget calculation.

4. Include Extra Expenses: When calculating a budget for a home, it is important to consider the extra expenses associated with home purchases. In addition to the value of the house, there may be expenses such as mortgage installments, insurance costs, title deed fees and commission fees. By calculating these expenses, you can get a more realistic budget estimate.

5. Plan for Future Expenses: It is important to consider future expenses when calculating the budget for buying a house. For example, children's education, medical expenses, vacations and other unexpected expenses should be taken into account in these calculations.

By following all these steps, you can calculate a realistic budget for buying a house. This calculation process will not only determine the price of the house you can buy, but will also provide you with a road map on how to arrange your payments.

In conclusion, budget calculation for buying a house is a process that helps us determine the price and payment plan of the house we want to buy. By acting according to our budget, you can purchase a realistic house and ensure your financial security. Remember, taking every step firmly is one of the most important details on the path to success in the home buying process.