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.
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.
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.
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.
I am available to help
you start your home search! As your real estate specialist, I would be
happy to discuss your options and show you what's available that best suits
your lifestyle. Please don't hesitate to
call or email me if you would like to get
together to discuss your choices.
Nakia
Evans, GRI, REALTOR
Associate Broker
Coldwell
Banker Residential Brokerage
22
W. Padonia Avenue, Ste. A-100, Timonium, MD 21093
Office
phone: 410.252.2111
Direct phone: 443-864-1358
Email:
nakiaevans@cbintouch.com
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Coldwell
Banker and the Coldwell Banker Logo are registered service marks of Coldwell
Banker Real Estate LLC. Coldwell Banker Residential Brokerage is owned by a
subsidiary of NRT LLC. If you have a brokerage relationship with another
agency, this is not intended as a solicitation.
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