How Big of a Mortgage Can I Afford?
Posted by Christopher Audette on Saturday, May 1st, 2021 at 4:51pm.
How Big of a Mortgage Can I Afford?
Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits — which you can’t take advantage of when paying rent.
The following calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too. Based on your current rent, use this calculation to figure out how much mortgage you can afford.
Rent: _________________________
Multiplier: x 1.32
Mortgage payment: _________________________
This calculator estimates the monthly payments you would be able to afford, for a personalized and more comprehensive analysis of your unique situation book an appointment with a mortgage associate.