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Courtesy of Gretchen Berg, REALTOR®
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
www.REALTOR.org/realtormag Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . Copyright 2003. All rights reserved.
Click here for printer-friendly format
Contact Me
Gretchen K. Berg
Realtor, GRI
Office: 952-400-6700
Direct: 952-400-6711
Cell: 612-483-8655
Email: gretchen@lakesarearealty.com
Contact Information
Gretchen Berg, Realtor®
Lakes Area Realty, Inc.5402 West Old Shakopee Road Bloomington, MN 55437
Phone: 952-400-6711
Cell: 612-483-8655 / Fax: 952-400-6713
E-mail: Click here / Website: GRETCHENBERGSELLSHOMES.COM
Equal Housing Opportunity. This material is based on information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete and should not be relied on as such. This offering is subject to errors, omissions, change of price or withdrawal without notice.
