Home Affordability Calculator
We are challenging our associates, friends, colleagues and peers to find buildings that they can purchase and commit to being housing that is affordable for the area's workforce.
About this calculator:
To arrive at an "affordable" home price, the guidelines of most lenders have been followed, allowing a total debt-to-income ratio of no more than 38%. For the housing payment-to-income ratio, 28% has been assumed for the conservative estimate, while 33% was assumed for the aggressive one. Before buying, however, you should also factor in other savings needs, including retirement and college.
Assumptions:
A 30-year mortgage term, an annual property tax of $3,500 and homeowners insurance of $481 (the national average) have been assumed. Private mortgage insurance, which you'll owe if your downpayment is less than 20 percent of the purchase price, has NOT been assumed. It averages from $50 to $80 per month. Plug in your own numbers for more tailor-made results.
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Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
