How much Money can I borrow?
Not only does owning a home make great financial sense because of the tax benefits - which you can´t take advantage of when paying rent - but you also have a haven for yourself and your family.
Please Note: 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.
Remember, if you have any questions about the process - contact me today
|
Sallyanne Holmes - GRI
A Licensed REALTOR ® in the State of Colorado |
Merit Co Inc
6120 Tutt Blvd
Colorado Springs, CO 80923 |
Cell: (719) 660-0622
Business: (719) 596-7800
Fax: (719) 596-1784 |
Email: Sallyanne@homesforsaleco.com | | |
|
