HTF Appendix 2: Final Homeownership Expense Calculator with formulas.xlsx

	A	B	C	E	F	G	I	J	K	M	N	O	Q	R	S	U	V	W	Y	Z	AA
1	City of Asheville Homeownership Expense Calculator Updated Dec. 2023 (with 2023 tax rates)
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3	Condo/Townhome/Single Family
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5	Loan Costs		Notes	Loan Costs		Notes	Loan Costs		Notes	Loan Costs		Notes	Loan Costs		Notes	Loan Costs		Notes	Loan Costs		Notes
6	Value of Home (Purchase Price)	$200,000		Value of Home (Purchase Price)	$225,000		Value of Home (Purchase Price)	$250,000		Value of Home (Purchase Price)	$275,000		Value of Home (Purchase Price)	$300,000		Value of Home (Purchase Price)	$325,000		Value of Home (Purchase Price)	$350,000
7	Down Payment	$40,000	20% down payment	Down Payment	$45,000	20% down payment	Down Payment	$50,000	20% down payment	Down Payment	$55,000	20% down payment	Down Payment	$60,000	20% down payment	Down Payment	$65,000	20% down payment	Down Payment	$70,000	20% down payment
8	Closing Costs	$3,500	NC estimate	Closing Costs	$3,500	NC estimate	Closing Costs	$3,500	NC estimate	Closing Costs	$3,500	NC estimate	Closing Costs	$3,500	NC estimate	Closing Costs	$3,500	NC estimate	Closing Costs	$3,500	NC estimate
9	Loan Amount	$163,500		Loan Amount	$183,500		Loan Amount	$203,500		Loan Amount	$223,500		Loan Amount	$243,500		Loan Amount	$263,500		Loan Amount	$283,500
10	Interest Rate	7.00%	Current mortgage interest rate	Interest Rate	7.00%	Current mortgage interest rate	Interest Rate	7.00%	Current mortgage interest rate	Interest Rate	7.00%	Current mortgage interest rate	Interest Rate	7.00%	Current mortgage interest rate	Interest Rate	7.00%	Current mortgage interest rate	Interest Rate	7.00%	Current mortgage interest rate
11	Loan Period in years	30	Traditional mortgage	Loan Period in years	30	Traditional mortgage	Loan Period in years	30	Traditional mortgage	Loan Period in years	30	Traditional mortgage	Loan Period in years	30	Traditional mortgage	Loan Period in years	30	Traditional mortgage	Loan Period in years	30	Traditional mortgage
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13	Monthly Costs			Monthly Costs			Monthly Costs			Monthly Costs			Monthly Costs			Monthly Costs			Monthly Costs
14	Principle and Interest	$1,088	-$1,088	Principle and Interest	$1,221	-$1,221	Principle and Interest	$1,354	-$1,354	Principle and Interest	$1,487	-$1,487	Principle and Interest	$1,620	-$1,620	Principle and Interest	$1,753	-$1,753	Principle and Interest	$1,886	-$1,886
15	City Tax	$67	Estimate	City Tax	$76	Estimate	City Tax	$84	Estimate	City Tax	$92	Estimate	City Tax	$101	Estimate	City Tax	$109	Estimate	City Tax	$118	Estimate
16	County Tax	$83		County Tax	$93		County Tax	$104		County Tax	$114		County Tax	$125		County Tax	$135		County Tax	$145
17	School Tax	$18		School Tax	$20		School Tax	$22		School Tax	$24		School Tax	$27		School Tax	$29		School Tax	$31
18	Homeowners' Insurance	$100	Estimate	Homeowners' Insurance	$100	Estimate	Homeowners' Insurance	$100	Estimate	Homeowners' Insurance	$100	Estimate	Homeowners' Insurance	$100	Estimate	Homeowners' Insurance	$100	Estimate	Homeowners' Insurance	$100	Estimate
19	Mortgage Insurance	$0	No PMI if 20% down	Mortgage Insurance	$0	No PMI if 20% down	Mortgage Insurance	$0	No PMI if 20% down	Mortgage Insurance	$0	No PMI if 20% down	Mortgage Insurance	$0	No PMI if 20% down	Mortgage Insurance	$0	No PMI if 20% down	Mortgage Insurance	$0	No PMI if 20% down
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21	Other Costs			Other Costs			Other Costs			Other Costs			Other Costs			Other Costs			Other Costs
22	Homeowners Association Fees	50	Estimate from Builder	Homeowners Association Fees	50	Estimate from Builder	Homeowners Association Fees	50	Estimate from Builder	Homeowners Association Fees	50	Estimate from Builder	Homeowners Association Fees	50	Estimate from Builder	Homeowners Association Fees	50	Estimate from Builder	Homeowners Association Fees	50	Estimate from Builder
23	Utilities (Electric, heat, water, trash)	NA	Not considered in Homeownership	Utilities (Electric, heat, water, trash)	NA	Not considered in Homeownership	Utilities (Electric, heat, water, trash)	NA	Not considered in Homeownership	Utilities (Electric, heat, water, trash)	NA	Not considered in Homeownership	Utilities (Electric, heat, water, trash)	NA	Not considered in Homeownership	Utilities (Electric, heat, water, trash)	NA	Not considered in Homeownership	Utilities (Electric, heat, water, trash)	NA	Not considered in Homeownership
24	Total Costs	50		Total Costs	50		Total Costs	50		Total Costs	50		Total Costs	50		Total Costs	50		Total Costs	50
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26	Totals			Totals			Totals			Totals			Totals			Totals			Totals
27	Total Monthly Housing Costs	$1,406		Total Monthly Housing Costs	$1,560		Total Monthly Housing Costs	$1,714		Total Monthly Housing Costs	$1,868		Total Monthly Housing Costs	$2,022		Total Monthly Housing Costs	$2,176		Total Monthly Housing Costs	$2,330
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30	Total Monthly Income (Gross)	$7,083	Family of 4 @ 100% AMI $75,500	Total Monthly Income (Gross)	$7,083	Family of 4 @ 100% AMI $75,500	Total Monthly Income (Gross)	$7,083	Family of 4 @ 100% AMI $75,500	Total Monthly Income (Gross)	$7,083	Family of 4 @ 100% AMI $75,500	Total Monthly Income (Gross)	$7,083	Family of 4 @ 100% AMI $75,500	Total Monthly Income (Gross)	$7,083	Family of 4 @ 100% AMI $75,500	Total Monthly Income (Gross)	$7,083	Family of 4 @ 100% AMI $75,500
31	Total Eligible Housing Costs @100% AMI	$2,338		Total Eligible Housing Costs @100% AMI	$2,338		Total Eligible Housing Costs @100% AMI	$2,338		Total Eligible Housing Costs @100% AMI	$2,338		Total Eligible Housing Costs @100% AMI	$2,338		Total Eligible Housing Costs @100% AMI	$2,338		Total Eligible Housing Costs @100% AMI	$2,338
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33	Total Monthly Income (Gross)	$6,375	Family of 3 @ 100% AMI $67,625	Total Monthly Income (Gross)	$6,375	Family of 3 @ 100% AMI $67,625	Total Monthly Income (Gross)	$6,375	Family of 3 @ 100% AMI $67,625	Total Monthly Income (Gross)	$6,375	Family of 3 @ 100% AMI $67,625	Total Monthly Income (Gross)	$6,375	Family of 3 @ 100% AMI $67,625	Total Monthly Income (Gross)	$6,375	Family of 3 @ 100% AMI $67,625	Total Monthly Income (Gross)	$6,375	Family of 3 @ 100% AMI $67,625
34	Total Eligible Housing Costs @100% AMI	$2,104		Total Eligible Housing Costs @100% AMI	$2,104		Total Eligible Housing Costs @100% AMI	$2,104		Total Eligible Housing Costs @100% AMI	$2,104		Total Eligible Housing Costs @100% AMI	$2,104		Total Eligible Housing Costs @100% AMI	$2,104		Total Eligible Housing Costs @100% AMI	$2,104
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36	Total Monthly Income (Gross)	$5,667	Family of 2 @ 100% AMI $60,125	Total Monthly Income (Gross)	$5,667	Family of 2 @ 100% AMI $60,125	Total Monthly Income (Gross)	$5,667	Family of 2 @ 100% AMI $60,125	Total Monthly Income (Gross)	$5,667	Family of 2 @ 100% AMI $60,125	Total Monthly Income (Gross)	$5,667	Family of 2 @ 100% AMI $60,125	Total Monthly Income (Gross)	$5,667	Family of 2 @ 100% AMI $60,125	Total Monthly Income (Gross)	$5,667	Family of 2 @ 100% AMI $60,125
37	Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870
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39	Total Monthly Income (Gross)	$4,958	Family of 1 @ 100% AMI $52,625	Total Monthly Income (Gross)	$4,958	Family of 1 @ 100% AMI $52,625	Total Monthly Income (Gross)	$4,958	Family of 1 @ 100% AMI $52,625	Total Monthly Income (Gross)	$4,958	Family of 1 @ 100% AMI $52,625	Total Monthly Income (Gross)	$4,958	Family of 1 @ 100% AMI $52,625	Total Monthly Income (Gross)	$4,958	Family of 1 @ 100% AMI $52,625	Total Monthly Income (Gross)	$4,958	Family of 1 @ 100% AMI $52,625
40	Total Eligible Housing Costs @100% AMI	$1,636		Total Eligible Housing Costs @100% AMI	$1,636		Total Eligible Housing Costs @100% AMI	$1,636		Total Eligible Housing Costs @100% AMI	$1,636		Total Eligible Housing Costs @100% AMI	$1,636		Total Eligible Housing Costs @100% AMI	$1,636		Total Eligible Housing Costs @100% AMI	$1,636
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42
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44	Total Monthly Income (Gross)	$5,667	Family of 4 @ 80% AMI $60,100	Total Monthly Income (Gross)	$5,667	Family of 4 @ 80% AMI $60,100	Total Monthly Income (Gross)	$5,667	Family of 4 @ 80% AMI $60,100	Total Monthly Income (Gross)	$5,667	Family of 4 @ 80% AMI $60,100	Total Monthly Income (Gross)	$5,667	Family of 4 @ 80% AMI $60,100	Total Monthly Income (Gross)	$5,667	Family of 4 @ 80% AMI $60,100	Total Monthly Income (Gross)	$5,667	Family of 4 @ 80% AMI $60,100
45	Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870		Total Eligible Housing Costs @100% AMI	$1,870
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47	Total Monthly Income (Gross)	$5,100	Family of 3 @ 80% AMI $54,100	Total Monthly Income (Gross)	$5,100	Family of 3 @ 80% AMI $54,100	Total Monthly Income (Gross)	$5,100	Family of 3 @ 80% AMI $54,100	Total Monthly Income (Gross)	$5,100	Family of 3 @ 80% AMI $54,100	Total Monthly Income (Gross)	$5,100	Family of 3 @ 80% AMI $54,100	Total Monthly Income (Gross)	$5,100	Family of 3 @ 80% AMI $54,100	Total Monthly Income (Gross)	$5,100	Family of 3 @ 80% AMI $54,100
48	Total Eligible Housing Costs @100% AMI	$1,683		Total Eligible Housing Costs @100% AMI	$1,683		Total Eligible Housing Costs @100% AMI	$1,683		Total Eligible Housing Costs @100% AMI	$1,683		Total Eligible Housing Costs @100% AMI	$1,683		Total Eligible Housing Costs @100% AMI	$1,683		Total Eligible Housing Costs @100% AMI	$1,683
49
50	Total Monthly Income (Gross)	$4,533	Family of 2 @ 80% AMI $48,100	Total Monthly Income (Gross)	$4,533	Family of 2 @ 80% AMI $48,100	Total Monthly Income (Gross)	$4,533	Family of 2 @ 80% AMI $48,100	Total Monthly Income (Gross)	$4,533	Family of 2 @ 80% AMI $48,100	Total Monthly Income (Gross)	$4,533	Family of 2 @ 80% AMI $48,100	Total Monthly Income (Gross)	$4,533	Family of 2 @ 80% AMI $48,100	Total Monthly Income (Gross)	$4,533	Family of 2 @ 80% AMI $48,100
51	Total Eligible Housing Costs	$1,496		Total Eligible Housing Costs	$1,496		Total Eligible Housing Costs	$1,496		Total Eligible Housing Costs	$1,496		Total Eligible Housing Costs	$1,496		Total Eligible Housing Costs	$1,496		Total Eligible Housing Costs	$1,496
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53	Total Monthly Income (Gross)	$3,967	Family of 1 @ 80% AMI $42,100	Total Monthly Income (Gross)	$3,967	Family of 1 @ 80% AMI $42,100	Total Monthly Income (Gross)	$3,967	Family of 1 @ 80% AMI $42,100	Total Monthly Income (Gross)	$3,967	Family of 1 @ 80% AMI $42,100	Total Monthly Income (Gross)	$3,967	Family of 1 @ 80% AMI $42,100	Total Monthly Income (Gross)	$3,967	Family of 1 @ 80% AMI $42,100	Total Monthly Income (Gross)	$3,967	Family of 1 @ 80% AMI $42,100
54	Total Eligible Housing Costs @100% AMI	$1,309		Total Eligible Housing Costs @100% AMI	$1,309		Total Eligible Housing Costs @100% AMI	$1,309		Total Eligible Housing Costs @100% AMI	$1,309		Total Eligible Housing Costs @100% AMI	$1,309		Total Eligible Housing Costs @100% AMI	$1,309		Total Eligible Housing Costs @100% AMI	$1,309
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56
57
58	Total Monthly Income (Gross)	$4,250	Family of 4 @ 60% AMI $45,300	Total Monthly Income (Gross)	$4,250	Family of 4 @ 60% AMI $45,300	Total Monthly Income (Gross)	$4,250	Family of 4 @ 60% AMI $45,300	Total Monthly Income (Gross)	$4,250	Family of 4 @ 60% AMI $45,300	Total Monthly Income (Gross)	$4,250	Family of 4 @ 60% AMI $45,300	Total Monthly Income (Gross)	$4,250	Family of 4 @ 60% AMI $45,300	Total Monthly Income (Gross)	$4,250	Family of 4 @ 60% AMI $45,300
59	Total Eligible Housing Costs	$1,403		Total Eligible Housing Costs	$1,403		Total Eligible Housing Costs	$1,403		Total Eligible Housing Costs	$1,403		Total Eligible Housing Costs	$1,403		Total Eligible Housing Costs	$1,403		Total Eligible Housing Costs	$1,403
60
61	Total Monthly Income (Gross)	$3,825	Family of 3 @ 60% AMI $40,575	Total Monthly Income (Gross)	$3,825	Family of 3 @ 60% AMI $40,575	Total Monthly Income (Gross)	$3,825	Family of 3 @ 60% AMI $40,575	Total Monthly Income (Gross)	$3,825	Family of 3 @ 60% AMI $40,575	Total Monthly Income (Gross)	$3,825	Family of 3 @ 60% AMI $40,575	Total Monthly Income (Gross)	$3,825	Family of 3 @ 60% AMI $40,575	Total Monthly Income (Gross)	$3,825	Family of 3 @ 60% AMI $40,575
62	Total Eligible Housing Costs	$1,262		Total Eligible Housing Costs	$1,262		Total Eligible Housing Costs	$1,262		Total Eligible Housing Costs	$1,262		Total Eligible Housing Costs	$1,262		Total Eligible Housing Costs	$1,262		Total Eligible Housing Costs	$1,262
63
64	Total Monthly Income (Gross)	$3,400	Family of 2 @ 60% AMI $36,075	Total Monthly Income (Gross)	$3,400	Family of 2 @ 60% AMI $36,075	Total Monthly Income (Gross)	$3,400	Family of 2 @ 60% AMI $36,075	Total Monthly Income (Gross)	$3,400	Family of 2 @ 60% AMI $36,075	Total Monthly Income (Gross)	$3,400	Family of 2 @ 60% AMI $36,075	Total Monthly Income (Gross)	$3,400	Family of 2 @ 60% AMI $36,075	Total Monthly Income (Gross)	$3,400	Family of 2 @ 60% AMI $36,075
65	Total Eligible Housing Costs	$1,122		Total Eligible Housing Costs	$1,122		Total Eligible Housing Costs	$1,122		Total Eligible Housing Costs	$1,122		Total Eligible Housing Costs	$1,122		Total Eligible Housing Costs	$1,122		Total Eligible Housing Costs	$1,122
66
67	Total Monthly Income (Gross)	$2,975	Family of 1 @ 60% AMI $31,575	Total Monthly Income (Gross)	$2,975	Family of 1 @ 60% AMI $31,575	Total Monthly Income (Gross)	$2,975	Family of 1 @ 60% AMI $31,575	Total Monthly Income (Gross)	$2,975	Family of 1 @ 60% AMI $31,575	Total Monthly Income (Gross)	$2,975	Family of 1 @ 60% AMI $31,575	Total Monthly Income (Gross)	$2,975	Family of 1 @ 60% AMI $31,575	Total Monthly Income (Gross)	$2,975	Family of 1 @ 60% AMI $31,575
68	Total Eligible Housing Costs @100% AMI	$982		Total Eligible Housing Costs @100% AMI	$982		Total Eligible Housing Costs @100% AMI	$982		Total Eligible Housing Costs @100% AMI	$982		Total Eligible Housing Costs @100% AMI	$982		Total Eligible Housing Costs @100% AMI	$982		Total Eligible Housing Costs @100% AMI	$982
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70
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72
73	2023 Income Limits Summary / AMI
74	Household Size	ELI (30% AMI)	VLI (50% AMI)	LI (60% AMI)	LMI (80% AMI)	MI (100% AMI)	HMI (120% AMI)
75	One-person	$17,850	$29,750	$35,700	$47,600	$59,500	$71,400
76	Two-person	$20,400	$34,000	$40,800	$54,400	$68,000	$81,600
77	Three-person	$24,860	$38,250	$45,900	$61,200	$76,500	$91,800
78	Four-person	$30,000	$42,500	$51,000	$68,000	$85,000	$102,000
79	Five-person	$35,140	$45,900	$55,088	$73,450	$91,813	$110,175
80	Six-person	$40,280	$49,300	$59,175	$78,900	$98,625	$118,350
81	Seven-person	$45,420	$52,700	$63,263	$84,350	$105,438	$126,525
82	Eight-person	$50,560	$56,100	$67,350	$89,800	$112,250	$134,700
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84
85	NOTES
86	Assuming Housing Costs of 33%
87	A Home priced at approximately $210,000 would be affordable to all 80% AMI individuals & families, assuming 20% down
88	A Home priced at approximately $150,000 would be affordable to all 60% AMI individuals & families, assuming 20% down
89
90	2020 changes of note - lowered Mortgage Interest Rate average from 4.5% to 3.5%, 100% AMI family of 4 went up $6,100
91	2021 changes of note - 100% AMI family of 4 went up $3000
92	2023 Changes of note - Morgatge rates are above 7%, median income continues to increase
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94	2023 Asheville / Buncombe Market Q3	Median		Upward trend from 2018
95	City of Asehville	$488,000
96	Buncombe County	$454,000
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99
100	Reminders ...