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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 HousingForward Virginia and SOURCEBOOK as the provider of the information.
