How Much of a Mortgage Can I Afford?

By
Real Estate Agent with GreatWest Realty DRE# 00827565

Home ownership not only provides a great shelter for you at tax time.  If you are in a higher income bracket that shelter can become even more valuable to you.  It can also make good financial sense.

 So, you may be asking, "How much of a mortgage payment can I afford?"

Rent:_____________________

Multiplier:  X  1.32

Mortgage Payment:_____________ 

Mortgage Interest and Property Taxes continue to remain tax deductible.  Because of these deductions, a home buyer can usually afford a mortage payment-including taxes and insurance, that is approximately one-third more than their current rent payment.

There is more information and assistance available via Fannie Mae's online mortgage calculators at

http://www.fanniemae.com/homebuyers/calculators/index.jhtml?p=Resources&s=Calculators

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Myrl Jeffcoat

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