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Decision Fish’s Prototype Affordable Home Calculator

The Decision Fish Affordable Home Calculator

Assumptions

Property Details

Property Type:

Condo Coop

Purchase Price ($):

Monthly Common Charges/Maintenance ($):

Monthly Property Tax ($):

Monthly Homeowners Insurance ($):

Financing Details

Interest Rate (%):

Down Payment (%):

Assistance ($):

PMI Rate (%):

Personal Finance

Annual Income ($):

Monthly Debt Payments ($):

Credit Score:

Results

Monthly Costs

Principal & Interest:$2,275

Private Mortgage Insurance (0.380%): $114

Common Charges/Maintenance:$400

Property Tax:$250

Homeowners Insurance: $50

Total Monthly Housing Cost:$3,089

Affordability Checks

Housing costs (PITI) as a percent of income:

37.1%

Housing and debt costs as a percent of income:

43.1%

Estimated Closing Costs

Down Payment:$40,000

Bank Attorney:$1,000

Your Attorney:$2,500

Title Insurance (0.40%):$1,600

Mortgage Recording Tax (1.800%):$6,480

Appraisal:$750

Home Inspection:$800

Move-in/Board Application:$600

Less Assistance: $0

Total Cash Needed at Closing:$53,730

Suggestions

This may not be affordable due to a high debt-to-income ratio (>38% or >43%). Here are some ideas to try:

Work with a counselor to improve your finances and apply for housing assistance
Reduce the purchase price
Increase the down payment
Increase income
Purchase with a partner or friend
Pay off debt

Increase your down payment to at least 20% to avoid having to pay mortgage insurance.

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