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Not only does owning a home
give you a haven for yourself and your family, it makes great
financial sense, too. The calculation presented here to find an
approximation of the size of mortgage you might reasonably afford
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 "left-over" income.
For more help, use Fannie
Mae’s
online mortgage calculators.
Loan Calculators allow you to input all sorts of
data so that you are able to fully inspect your financial commitments before you
borrow. Click on the calculator to open a page with easy-to-use
calculators.
Please give me a call if you have any questions
or comments. My goal is to provide you with the best real estate
information and service so that your real estate transaction will be a
worthwhile and
enjoyable experience.
Michael S. Dunn
Broker Associate
Ph: 970-384-8908
Cell: 970-309-9249
Fax: 970-945-4026 |
