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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. 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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Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
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