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 2003. All rights reserved.

Courtesy of Mary Lou Ciambriello P.A.,CDPE - Realtor, REALTOR® | Click here for printer-friendly format

Please take the time to call & say "Hello, Mary Lou."

 

PLEASE call me anytime.  If I do not answer the phone,  I am with a client.  My cell is 561.305.7139  and my home office is 561.330.7219.  
Expect to here from me that day or leave me instructions telling me when to call you and I will.


Mary Lou Ciambriello P.A.

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