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

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright / All rights reserved.

Click here for printer-friendly format

Contact Me

Thinking about buying or selling in Central Alabama? Contact me today. You will be glad you did!

 

* Required

First Name Last Name

Email

Phone

Message

I expressly consent to be contacted by Jonathan Chamness Realty Group, Lori King, REALTOR®, AL LIC# 116940, and authorized representatives by phone, text message, and email, including automated calls, texts, and calls using prerecorded or artificial voices, even if my number is on a federal or state Do Not Call list. Consent is not a condition of purchase. Msg/data rates may apply. Msg frequency varies. Reply STOP to texts, or click the unsubscribe link in emails to opt out. I agree to the Terms of Use and Privacy Policy.