This tab is designed to calculate an applicant’s monthly income and expenses, determining their ability to afford a particular loan or financial product.
The Budget Analysis Tab is a comprehensive dashboard that contains detailed information regarding the applicant’s income, assets, and expenses. It performs various calculations, including:
Total Gross Income = Total Household Income (monthly) + Other Income (monthly)
Total Expenses = Auto + Housing + Misc + Others
Expense % = (Total Expenses ÷ Total Gross Income) × 100
Debt-to-Income Ratio (%) = (Monthly Debt Payments ÷ Total Gross Income) × 100
Cash Flow = Total Gross Income – Total Expenses
Total Assets = Sum of reported asset values
Enrollment-Based Cash flow = Cash Flow – Total Monthly Program Payment
5% Eligibility = Total Balance Amount (from Creditors tab) × 5%
All these calculations are based on the information provided by the applicant regarding their income, assets, and expenses.
Click the "Undo" button at the top left to start a new budget analysis.
Note: Required Fields to apply the Enrollment Action
To proceed with the enrollment action, certain fields located in Budget Analysis tab must be completed. These fields are necessary to accurately calculate your monthly income and expenses.
The following fields are required:
Mortgage (if applicable)
Who Covers the Rent?
Groceries
Who Covers the Groceries?
Please ensure all these fields are filled out before applying for enrollment to ensure a smooth process.