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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