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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.  

Home Affordability Calculator
 
  1. 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.  


  2. 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.


  3. 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.)

  4. 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.)

  5. 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.

  6. 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. 

  7. 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.

  8. 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.