Rent vs Own: How Much Mortgage Can I Afford?
Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits - which you can't take advantage of when paying rent.
The following calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too. Based on your current rent, use this calculation to figure out how much mortgage you can afford.
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.
Send a message below and Chris Miller will reach out as soon as possible
Take Full Control Of Your Home Search With My Crye-Leike
Searching for Homes Can Be Difficult with So Many Choices and Search Options.
This Process Is Now Much Easier with a My Crye‑Leike Account.