Each borrower's situation is unique.
The home price affordable to one borrower may not be affordable to another with the same income, due to many factors including non-housing loan payments and expenses, and financial resources not reflected in a borrower's annual income level.
Similarly, expenses associated with buying a home depend on:
Consequently, the results provided by this tool are not likely to reflect all of the unique circumstances of a particular borrower.
The calculations provided here use the following assumptions to provide general estimates about the relationship between various income levels and affordable home purchase prices:
Our home mortgage calculator estimates the home purchase price likely to be affordable for the average home buyer in Vermont. It assumes:
5%
30%
Estimated average rate for a 0-point loan, based on Freddie Mac's Primary Mortgage Market Survey for each quarter of the current calendar year.
Statewide average for the prior calendar year, according to the Vermont Department of Taxes. Based on school homestead, local agreement, and municipal effective tax rates.
Estimated average monthly premiums provided by Mortgage Guaranty Insurance Corp. (MGIC), Vermont's largest mortgage insurer.
Estimated average monthly premiums for a detached, single family home in Vermont based on information from Bankrate and the Insurance Information Institute.
Estimated amount of Vermont Property Transfer Tax due and average additional closing costs in Vermont.