Calculator Methodology
Published Last updated
Our assistance calculator and program finder are deterministic: the same inputs always produce the same output. This page documents exactly what they compute, what data they use and where the estimates stop being reliable.
Published Last updated
- Reviewed September 2026
What you provide
- Property state, county or city, and property type
- Estimated purchase price and any down payment you already have saved
- Household size and estimated annual household income
- First-time buyer status and intended occupancy
- Estimated credit score range and target loan program (FHA, conventional, VA, USDA)
- Optionally, a listing URL so we can pre-fill property details
Data we bring in
- FHA loan limits — HUD CHUMS county limit file for the current calendar year.
- Income limits — HUD USER area median income and program limit tables, plus agency-published program limits where the agency sets its own.
- Program rules — assistance amount or percentage, structure (grant, forgivable, deferred, repayable), lien position, repayment and forgiveness terms, all taken from the administering agency's published documents.
- Market context — mortgage rate and house-price series from the Federal Reserve (FRED); county demographics from the Census Bureau. These are shown as context, not as your rate.
- Property data — when you supply a listing link, address and price come from the listing page; a value or rent estimate may come from RentCast's automated valuation model.
How the finder matches programs
A program is shown when every hard rule it publishes is satisfied by your inputs: state and locality coverage, income limit for your household size and county, purchase-price or loan-limit cap, occupancy, first-time buyer requirement (including the standard three-year lookback where the agency uses one), eligible property type and minimum credit score. Programs whose requirement we cannot evaluate from your inputs are surfaced as "check with agency" rather than silently dropped. Results are ordered by assistance value to you, with grants and forgivable structures ranked above repayable liens of the same size.
Core formulas
- Assistance amount = the lesser of the program's stated maximum and its stated percentage of purchase price (or of the first-mortgage loan amount, where the agency defines it that way).
- Base loan amount = purchase price − your own down payment − assistance applied to down payment.
- FHA = base loan amount + upfront MIP financed (1.75%), with annual MIP added monthly per HUD's LTV and term matrix.
- Monthly principal and interest = standard amortization, P = L × r / (1 − (1 + r)^−n), where r is the monthly rate and n the number of payments.
- Cash to close = down payment + estimated closing costs − assistance applied to down payment and closing costs − seller or lender credits entered.
- Forgiveness is modeled on the agency's published schedule (for example straight-line over five years); deferred seconds accrue no payment until the trigger the agency defines — sale, refinance, payoff or end of term.
Assumptions
- Rates used in illustrations are sample rates, not quotes and not rate locks.
- Taxes and insurance are estimated from county-level averages unless you enter your own.
- Fixed-rate, fully amortizing first mortgage held to term with no extra payments.
- Primary residence occupancy unless the program explicitly allows otherwise.
- Assistance funds are assumed available; actual availability is agency-dependent.
Where the estimate stops
These tools do not underwrite. They do not evaluate your credit report, debt-to-income ratio, asset documentation, residency status, property condition, appraisal outcome, HOA costs or title issues, and they cannot see whether a program's funding round is currently open. Automated value and rent figures are statistical estimates, not appraisals, and are not an offer on any property. Nothing produced by these tools is an offer of credit, an approval or a commitment to lend.
How often this changes
Rate and market series refresh weekly. HUD limit files are checked monthly and published after human review. Program rules are re-verified against the administering agency on a rolling schedule and whenever our source-watch job sees the agency's page change. Each page shows its updated, reviewed and data-refreshed dates; see data and verification.
Questions about a number
If a figure looks wrong, tell us and we will trace it to its source and correct it. Email support@simplyapprovedmortgages.com or call 877-813-7219.
Licensing & Disclosures
Simply Approved Mortgages LLC | NMLS #2620881
Florida Branch Office (Miami, FL) | Branch NMLS #2688012
Florida Mortgage Broker License #MBR7685 | Colorado Mortgage Company Registration
Business Phone: (877) 813-7219
Equal Housing Opportunity
Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado.
Down payment assistance programs. Down payment and closing-cost assistance programs listed or referenced on this site may be administered by third parties, including state housing finance agencies, cities, counties, Federal Home Loan Banks, nonprofit organizations, lenders, and other program sponsors. Simply Approved Mortgages LLC does not administer, control, fund, or guarantee third-party assistance unless expressly stated otherwise.
Listing or displaying a program does not constitute an offer of that program, a representation that funding is currently available, or a determination that a borrower or property qualifies. Program availability, funding, assistance amounts, income limits, purchase-price limits, credit requirements, occupancy requirements, geographic restrictions, homebuyer education requirements, participating-lender requirements, repayment terms, and other eligibility criteria vary by program and may change or become unavailable without notice. Eligibility and current program terms must be confirmed for the particular transaction.
Types of assistance. Down payment or closing-cost assistance may be structured as a grant, forgivable loan, deferred-payment loan, repayable second mortgage or other form of assistance. Assistance structured as a lien or secondary financing may be subject to repayment, forgiveness, occupancy, resale, refinance, or other conditions. Assistance should not be considered "free money" unless the applicable program documents expressly provide that the assistance is a grant with no repayment obligation.
Receiving or potentially qualifying for down payment assistance does not guarantee mortgage approval, guarantee receipt of assistance, or necessarily eliminate all funds that a borrower may be required to contribute to a transaction.
Credit and program terms. All loans are subject to lender credit approval, underwriting, acceptable appraisal, title review, insurance, and supporting documentation. Eligibility, programs, rates, APRs, points, fees, payments, terms, loan amounts, down-payment requirements, and availability may vary based on borrower, property, occupancy, credit profile, loan-to-value ratio, debt-to-income ratio, lender, assistance program, and location and may change without notice. Not all borrowers, properties, products, or programs will qualify or be available in every location. Nothing on this site constitutes a loan approval, rate lock, offer, commitment to lend, guarantee of assistance, or guarantee of closing.
Rates, payments and calculators. Rates, APRs, payments, down payments, estimated assistance amounts, affordability, home prices, closing costs, savings, and other calculator or scenario results displayed on this site are estimates or illustrations unless expressly stated otherwise. Actual eligibility, assistance, and loan terms may differ. Taxes, homeowners insurance, mortgage insurance, association dues, lender charges, broker compensation, discount points, third-party charges, and other costs may apply. Advertised rates, payments, APRs, down payments, and other credit terms are subject to the assumptions and disclosures presented with the applicable advertisement.
Government affiliation. Simply Approved Mortgages LLC is not a government agency and is not affiliated with, acting on behalf of, sponsored by, or endorsed by HUD, FHA, VA, USDA, any housing finance agency, or any other federal, state, or local government agency. References to government agencies, housing authorities, assistance programs, data, forms, or resources are provided for informational purposes and do not imply sponsorship or endorsement of Simply Approved Mortgages LLC.
Fair lending. Equal Housing Opportunity. Simply Approved Mortgages LLC conducts business in accordance with applicable federal and state fair-housing and equal-credit-opportunity laws and does not discriminate on any prohibited basis.
No professional advice. Content on this site is educational and general in nature and is not legal, tax, accounting, financial, or investment advice. Borrowers should review the applicable program documents and consult qualified professionals regarding their individual circumstances.