Homeownership Affordability Calculator
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Home Investment Partnerships Program Homeowner Program Affordability Calculator Max Income Allowed by HUD (2023) Max Affordable Monthly Housing Cost based on Income Monthly principal and interest payment Estimated Taxes and Insurance Estimated Primary Mortgage Insurance 80% of Area Median Income 30% of Gross Income Based on median loan amount, rate and term Taxes = $150/mo Insurance= $125/mo .55 % of Loan Amount Paid Per Month Purchase Price Only Purchase Price and Closing Costs 1 $52,400 $1,310 $200,533 $2,549 $275 $188 $3,012 -$1,702 $224,457 $259,258 2.81 2 $59,850 $1,496 $229,044 $2,549 $275 $188 $3,012 -$1,516 $195,946 $230,747 3.15 3 $66,375 $1,659 $254,015 $2,549 $275 $188 $3,012 -$1,353 $170,975 $205,776 3.54 4 $74,800 $1,870 $286,258 $2,549 $275 $188 $3,012 -$1,142 $138,732 $173,534 4.19 5 $80,800 $2,020 $309,219 $2,549 $275 $188 $3,012 -$992 $115,771 $150,572 4.83 6 $86,800 $2,170 $332,181 $2,549 $275 $188 $3,012 -$842 $92,809 $127,610 5.70 7 $92,800 $2,320 $355,143 $2,549 $275 $188 $3,012 -$692 $69,847 $104,648 6.95 8 $98,750 $2,469 $377,913 $2,549 $275 $188 $3,012 -$543 $47,077 $81,878 8.88 6.82% 30 years 424,990 $ 14,875 $ Upfront PMI (1.75% of loan amount) 7,177 $ Closing Costs (3% of purchase price): 12,750 $ 34,801 $ 390,189 $ Total Purchase Cost: 444,917 $ 188.00 $ Annual HOME Funds: 727,460 $ Mortgage Amount (purchase price less costs paid at closing) Interest Rate: Median Purchase Price: Downpayment (FHA 3.5%): Term: Estimated Ongoing Monthly PMI (0.55% of loan): Subtotal costs at closing: Housing Costs Based on HUD required incomes Max Households that can be Assisted Total Housing Cost (Principal, interest, taxes, insurance) Monthly Housing Costs Based on Current Median Market Costs Assistance Needed to Make Purchase Affordable Gap/Surplus in Monthly Payment (Affordable - Actual) Max Affordable Loan Based on Household Income Household Size