How Big a Mortgage Can I Afford?

June 15, 2016

Be Sure to Consider All the Costs

 

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.​

 

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®

Copyright 2005. All rights reserved.                  www.REALTOR.org/realtormag

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I hope you find this resource center to help you as you are buying a home, selling a home, or looking for more information about mortgages. Please feel free to contact me if you have any questions.

Kathy Akers, CRS, GRI, SFR

Fathom Realty NC LLC

Rocky Mount, NC  
 

Email: akersbroker@suddenlink.net


Mobile:   (252) 266-4038

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