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Buyer Tip #32 |
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How Big A Mortgage Can I Afford? |
| Not only does owning
a home give you a haven for yourself and your family, it makes great
financial sense, too. This calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be too. Rent: _________________________ Multiplier: X 1.32 Mortgage payment:__________________ Because of tax deductions, you can make a mortgage payment—including taxes and insurance—that is approximately one-third larger than your current rent payment and end up with the same amount of income. To determine what your monthly mortgage payment would be on various loan amounts, visit: http://www.realtor.org/realtororg.NSF/pages/FMCalculators?OpenDocument&Login Next page |