Home Affordability Calculator
Enter your 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:
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
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.)
Please note: All CHFA loans are 30 year loans.
Select the 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:
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:
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:
$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.
Once the fields above are completed, click the "How Much I Can Afford?" button to automatically calculate the estimated monthly payment.