max_homeprice: Affordable Home Price based on AMI - Area Median Income

In aseemdeodhar/mortgager: Obtain various values required in Home Mortgage Calculations

Description

AMI for the Boston-Cambridge-Newton MA-NH Metro Area 2019 ACS-5 Year Estimates at: 86274 USD https://data.census.gov/cedsci/table?q=area%20median%20income&g=314M500US1446014454,1446015764&tid=ACSST5Y2019.S1903&hidePreview=true

Usage

max_homeprice(
  mortgage_rate,
  property_tax,
  annualinc = 69037.5,
  max_monthly_rate = 0.3,
  homeowners_ins = 1000,
  condo_fee = 1000,
  downpayment_rate = 0.1,
  loan_term = 30,
  pmi_factor = 7.5
)

Arguments

mortgage_rate	Fixed monthly mortgage interest rate in percentage (out of 100)
property_tax	Property tax rate per thousand (out of 1000) for the given area - NOTE: Generally property taxes are always mentioned per thousand
annualinc	Household Income (default is median for Boston Metro 2019 ACS 5yr estimate)
max_monthly_rate	Maximum monthly rate (out of 1) towards homeownership costs (default: 0.3)
homeowners_ins	Annual home owners insurance costs (default: 1000)
condo_fee	Annual condo fee (default: 1000)
downpayment_rate	Downpayment as a proportion (out of 1) of sale price (default: 0.10)
loan_term	Duration of loan payback time in years (default: 30)
pmi_factor	For loans with less than 20% downpayment, mortgage insurance rate in percent (out of 100) (default: 7.5)

Examples

max_homeprice(annualinc = c(61000, 75000, 22330, 120000),
              mortgage_rate = 2.7,
              property_tax = 6)

aseemdeodhar/mortgager documentation built on Jan. 28, 2021, 12:53 p.m.