Note: These documents may be updated from time to time.
Purchase Price Calculator
RIHousing provides a purchase price calculator for determining the maximum sales price of a deed restricted affordable home.
There are two calculators that can be used. The first is for condominium developments, and the second is for non-condominium developments. Choose one:
Purchase Price Calculator for Condo
Purchase Price Calculator for Non-Condo
Instructions for using the Purchase-price Calculator:
- Choose the Purchase Price Calculator from above.
- In the upper left corner of the calculator, use the drop down menu to choose the municipality your project is located in.
- Under ‘Gross Monthly Income,’ insert the appropriate monthly income from the Gross Monthly Income chart located to the right of the calculator (Please note: the household size used should include 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, insert the proposed monthly condo fee for the deed-restricted homes.
- Enter the current interest rate: Freddie Mac Primary Mortgage Market Survey 30-year fixed-rate average as of 9/19/2019 is: 3.73%
- The maximum purchase price should automatically calculate.
- If you receive a circular reference warning, go to: File, choose Options, click on Formulas and check the box that enables iterative calculations.
- RIHousing maintains the current approved data in the other fields such as property tax and mortgage insurance rates, therefore you should not save this calculator and reuse. A new calculator should be downloaded each time a maximum sales price needs to be determined.