38% of Income Purchase Price Calculator
Use the Purchase Price Calculator to find the allowable maximum sales price for a deed-restricted affordable home.
Purchase Price Calculator Instructions
- Select property type (non-condo or condo).
- Select the municipality where your project is located.
- Enter Gross Monthly Income. Select the appropriate monthly income from the HUD Gross Monthly Income chart. Please note: the household size must be one more person than the number of bedrooms (e.g. - The purchase price for a two-bedroom home should be calculated using a three-person household median income).
- If applicable, enter the proposed monthly condo fee and/or land lease fee.
- Enter the current 30-year fixed interest rate: click here for the current Freddie Mac Primary Mortgage Market Survey 30-year fixed-rate average.
Housing debt, taxes, insurance, private mortgage insurance, maximum principal and interest, and maximum purchase price are calculated using municipal and industry data.
If you experience any issues with the purchase price calculator, please contact us at EOH.Production@housing.ri.gov.