When entering your numbers, please do not include any symbols. (i.e., dollar sign ($), decimal (.), or comma (,).
Please Note: The information provided by these calculators is intended for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult with your CHFA Participating Lender prior to relying on the results.
how much house can I afford? (FHA)
This calculator compares your income to monthly debt, factors in what you can offer for a down payment, and then tells you what price of house you might be able to afford.
| annual income |
|
?ANNUAL INCOME - Enter your gross annual income (before taxes and deductions). Include all income sources. |
| monthly debt |
|
?MONTHLY DEBT - Enter the total monthly payment for all outstanding debt, such as auto loans, student loans, credit cards, alimony, etc. |
| down payment |
|
?DOWN PAYMENT - A down payment is a cash deposit towards the purchase of a home. Enter the dollar amount (if any) you have available for a down payment. |
| interest rate |
|
?INTEREST RATE - Enter the interest rate you think you'll be able to get. Typically, borrowers with solid credit histories get the best available rate. If you aren't sure, don't change this value. |
| loan length in years |
|
?LOAN LENGTH - Enter the loan term you desire, in years. Generally, mortgage loans have a 15 or 30 year term. |
|
|
|
Click the question mark next to any field then look here for more information.
|
| house value |
|
?HOUSE VALUE - This is the estimated maximum value of the home you would be able to purchase. |
| loan amount |
|
?LOAN AMOUNT - This is the estimated maximum value of the loan you would qualify for. |
| down payment % |
|
?DOWN PAYMENT PERCENTAGE - Your down payment percentage is used to calculate PMI. |
| loan to value % |
|
?LOAN TO VALUE PERCENTAGE - This is the percentage of the loan to the value of the house. |
| monthly payment |
|
?MONTHLY PAYMENT - This is your estimated total monthly payment. |
| principal & interest |
|
?MONTHLY PRINCIPAL AND INTEREST - This is the estimated principal and interest portion of the total monthly payment. |
| property tax & insurance |
|
?MONTHLY TAXES AND INSURANCE - This is the estimated property tax and hazard insurance portion of the total monthly payment. |
| PMI |
|
?MONTHLY PMI - This is the estimated PMI portion of the total monthly payment. PMI is mortgage insurance paid by the borrower to protect the lender in the event of foreclosure. The more money you have to put down, the lower your PMI. In fact, if you put down greater than 20% of the house value, you do not pay PMI. |
mortgage calculator
This calculator breaks down a mortgage payment, so you can see what parts of your payment go toward principal, taxes, insurance, etc.
