How Much 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.
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