PURCHASE PRICE CALCULATOR

RIHousing provides a purchase price calculator for determining the maximum sales price of a deed restricted affordable home.

If you are unable to access this purchase price calculator, please contact Stacy Wasserman at 401-457-1242 or swasserman@rihousing.com

 

Instructions for using the Purchase-price Calculator:

  1. Select property type (non-condo or condo)
  2. Choose the municipality your project is located in.
  3. Under ‘Gross Monthly Income,’ insert the appropriate monthly income from the Gross Monthly Income chart  (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)).
  4. If applicable, insert the proposed monthly condo fee for the deed-restricted homes.
  5. Enter the current interest rate: Click here for current Freddie Mac Primary Mortgage Market Survey 30-year fixed-rate average
  6. The maximum purchase price will automatically calculate.

* The shaded content is calculated automatically based on current rates and regulations.