Affordability Calculator: What Can You Afford?

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Affordability Calculator: What Can You Afford?

Enter annual gross household income. Click on “Calculate” to find the maximum rent or home price affordable for the income you entered.
(the resulting payment and house price will be rough approximations for the area of  based on set mortgage cost factors and typical household spending habits that allow 30% of gross  income for housing):
Based on 30% of the entered annual household income, the maximum affordable rent or mortgage payment per month is:
Based on mortgage cost factors* and including taxes and insurance that result in the above payment, the approximate maximum affordable house purchase price is:
The accepted maximum amount that a household can afford to spend for housing is 30% of income. The numbers below show the maximum amount that a household can afford to pay for housing in the selected area.
At 60% of median household income ():
Based on 30% of 60% median household income, the maximum affordable rent or mortgage payment per month is:
Based on mortgage cost factors* and including taxes and insurance that result in the above payment, the approximate maximum affordable house purchase price is:
At 80% of median household income ():
Based on 30% of 80% median household income, the maximum affordable rent or mortgage payment per month is:
Based on mortgage cost factors* and including taxes and insurance that result in the above payment, the approximate maximum affordable house purchase price is:
At median household income ():
Based on 30% of median household income, the maximum affordable rent or mortgage payment per month is:
Based on mortgage cost factors* and including taxes and insurance that result in the above payment, the approximate maximum affordable house purchase price is:

*Mortgage calculation assumes the borrowed amount is 95% of the purchase price (otherwise, assumes a 5% down payment) amortized over 30 years or 360 equal payments with a fixed interest rate  %

 


The data contained in SOURCEBOOK is intended for informational, educational and research uses. The information may not be used for commercial purposes or re-marketed. Any reproduction and distribution of this information must clearly identify Housing Virginia and SOURCEBOOK as the provider of the information.