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How Big a Mortgage Can I Afford?


8 Steps to Getting Your Finances in Order  |  Budget Basics Work Sheet  |  8 Ways to Improve Your Credit
5 Factors That Decide Your Credit Score  |  How Big a Mortgage Can I Afford?
10 Questions to Ask Your Lender  |  10 Things a Lender Needs From You  |  6 Creative Ways to Afford a Home
Choices That Will Affect Your Loan  |  5 Property Tax Questions You Need to Ask

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 Fannie Mae’s online mortgage calculators at
http://www.fanniemae.com/homebuyers/calculators/index.jhtml?p=Resources&s=Calculators

Content from REALTOR® Magazine Online with permission of the
NATIONAL ASSOCIATION OF REALTORS® Copyright 2005.
All rights reserved. www.REALTOR.org/realtormag
   
 
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