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 Montgomery And Moore Real Estate, REALTOR® | Click here for printer-friendly format

Contact Us

The best way to contact us is by email:  Our general delivery email is montgomeryandmoore@gmail.com

Lisa Moore, Broker In Charge,  can be reached at 803-427-5516 or lisa@montgomeryandmoore.com

Tripp Montgomery can be reached at 803-243-9147 or tripp@montgomeryandmoore.com

Jo Montgomery can be reached at 803-243-1813 or jo.m.realtor@gmail.com

Elli Hill can be reached at elli@montgomeryandmoore.com

 

 

 

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