Homebuyer Tools, Calculators and Look-ups
Home Affordability
Calculator
Overview
The Connecticut Housing Finance
Authority (CHFA) is committed to
empowering first-time homebuyers
with information that can help them
make responsible financial decisions
as they prepare for homeownership.
Learning your mortgage limit before
visiting your CHFA-approved
Participating Lender will give
you a realistic starting point as
you search for homes in your price
range.
Use the calculator below to estimate the maximum
home purchase price and maximum monthly mortgage payment
that your income and budget will allow.
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Home
Affordability
Calculator |
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- Enter your Gross
Annual Income:
Gross Annual Income: $
Enter your gross (before taxes)
annual income. Examples of
income include: part-time
earnings, self-employment
earnings, social security
payments, disability payments,
child support payments (if
received on a continuous basis)
and anticipated
rents for a 2-4 family home
should be included.
- Enter your total monthly debt:
Total Monthly Debt: $
Enter the total of your
household's monthly debt
payments. Examples of debt
payments include car loans,
student loans, credit card
payments, alimony,
child-support, and court-ordered
judgments.
- Select the Loan Term
of the Mortgage
Loan Term:
Select the number of years over
which you would like to pay your
mortgage. (Mortgages paid
over shorter terms have higher
monthly payments, but are less
expensive over the course of the
loan.)
- Select the Interest
Rate
Interest Rate:
%
Enter the annual interest
percentage rate (APR) you expect
to receive from your lender.
(Do not include any Private
Mortgage Insurance (PMI)
percentages your lender may
require.)
- Enter your Down
Payment:
DownPayment:
$
Enter the amount of cash/liquid
assets that you are willing to
put toward a down payment and
up-front loan fees.
- Enter the Annual
Property Tax:
Annual Property Tax:
$
Enter the annual property taxes
you expect to pay on the home
you want to purchase. If
you are unsure, you can roughly
estimate property taxes to be
1.5% of the sales price of the
prospective home.
- Enter the Annual
Homeowner Insurance:
Annual Homeowner Insurance: $
$500 is the national average for homeowners insurance.
If your down payment is less than 20% of your home's purchase price, your
bank may require you to buy Private Mortgage Insurance (PMI) which will add
another $50-$80 per month to your insurance costs.
- Click the "Calculate
my Monthly Mortgage Payment" button below
Once the seven fields above are
completed, click the "How Much I
Can Afford?" button to automatically calculate the estimated
monthly payment.
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