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Typical Home Pricing Determination Per Masshousing Guidelines <br /> "Window of Affordability" Using HUD 2004 Median Uncome Levels <br /> "Town Employees" <br /> Median Income $61,800 <br /> 120% of Median income $74,160 <br /> Using 120% Median as Baseline for Pricing <br /> Gross Monthly Income: $6,180 <br /> 35% of income for housing 2 163 *Monthly payment cannot exceed this amount <br /> Common Mothly Payment Breakdown (Assumes 5.875% at 30 Years <br /> **Assumes 5% down payment from buyer** <br /> Homeowner's.Insurance: $45 ($540 Annually) <br /> Homeowner's Assoc. Fee: $125 <br /> Real Estate Taxes: $125 ($1500 Annually) <br /> Private Mortgate Insurance $105 *PMI Typically waived for first time <br /> Principle and Interest $1,763 ***Supports Loan amount of$298,000 <br /> Total: $2,163 <br /> Total purchase price supported :$313,000 <br /> Sale Prices for this project are $259,000 <br />