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The first step in buying a house is determining your budget. This calculator helps you determine the sales
price range that will fit your budget and estimates your monthly mortgage payment (assuming you are financing 95 percent of the sales price of your home.)
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To use this CalHFA Mortgage Calculator, answer the first two questions, then click "Calculate". This calculator will
estimate an affordable monthly payment and sales price. For detailed, personalized calculations we
recommend contacting a CalHFA-approved loan officer.
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For 95% LTV financing the borrower must have a minimum FICO score of 700.
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Borrower Contribution Disclosure
* If you use our CHDAP down payment
loan, separate income, credit and qualifying guidelines may apply. CHDAP also requires that the borrower's
minimum contribution be the greater of 1% of the sales price or $1,000.
** 3.5% borrower contribution is required by FHA; however CHDAP and gifts can count toward the borrowers required down payment.
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For detailed, personalized calculations we recommend contacting a CalHFA-
approved loan officer.
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Please see the definitions and information section below to answer some of your questions and to learn more about each topic in the above chart.
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Definitions and Information
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Annual
gross income - Borrower's yearly income prior to tax withholdings. (CalHFA loan programs have income maximums,
view the income
limits by county)
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Monthly
debt payments - Borrower(s) debt consists of your minimum monthly payments included in your credit report for car, loans, credit card balances, personal loans, school loans (including potential payment on a deferred student loan), etc. Debts are broken down into two categories:
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Revolving Debt - a credit arrangement, such as a credit card, that allow a customer to borrow against a preapproved line of credit when purchasing goods or services.
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Installment Debt - issued with the condition of regularly occurring payments, until the principal and interest are paid in full. Generally these are debts with more than 10 months of payments remaining.
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Loan
Programs - CalHFA's first mortgage loan program(s) (View program descriptions
here)
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Rate - CalHFA's current interest rate
for each loan program (Rates are subject to change. View the Sample
APR Truth in Lending disclosures.)
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Mortgage
Payment - based on Estimated Sales Price and Interest Rate. This does NOT include
property taxes and insurance; however the CalHFA FHA does include the Up Front Mortgage
Insurance Premium as required by FHA.
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Property
Taxes - Property taxes are calculated based on the sales price of the property using a 1.25% tax.
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Hazard
Insurance - Homeowner's insurance protecting your home, assets from hazards such as fire and theft. (Flood insurance only when applicable.)
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Mortgage
Insurance - Insurance required by the lender when less than a 20% down payment
has been applied to your loan. This insurance protects the
lender in case of default. All CalHFA FHA loans require Up Front Mortgage Insurance
Premium (UFMIP) with is included in the rate, in addition to monthly mortgage insurance.
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Estimated
Monthly Payment - Estimated total monthly mortgage payment after taxes and insurance are applied.
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Estimated
Sales Price - Estimated sales price you may qualify for based on
your income and debt. (CalHFA loan programs have sales price maximums, view
the sales
price limits by county.)
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Down
Payment - The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
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Borrower
Contribution - Portion of the down payment that comes from the borrowers own funds.
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This calculator is provided for illustrative purposes only. It does not take into
account borrower's credit history, assets, liabilities, income stability, and other factors
that might affect a mortgage payment. To calculate a more accurate amount, borrowers should contact
a CalHFA-approved loan officer.
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