|
How Big of 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.
For more help, use the Fannie Mae’s
online mortgage calculators. |
