Wednesday, April 16, 2014

How much can you 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:

Found the perfect house but still wondering if you can afford it? Enter in the required information below on the left side and the mortgage calculator will automatically update the numbers. On this page you can also see mortgage information as it changes, as well as as our affordability calculator!
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Property Site: Classic 2 story colonial nestled...