How Big of a Mortgage Can I Afford?

  • Home
  • How Big of a Mortgage Can I Afford?

How Big of a Mortgage Can I Afford?

  • 09 September, 2017
  • By Admin: Chris
  • Comments: 00

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.