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How Big a Mortgage Can I Afford?
October 10, 2006
RE/MAX Elite
630.325.5555
34 S. Vine
Hinsdale, IL 60521
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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.

 

For more help, use Fannie Mae’s online mortgage calculators at

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

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