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<p><strong>Courtesy of Jimmie Van Hooser your REALTOR®  - 931-320-2142 </strong></p>
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<h3><strong>How Big of a Mortgage Can I Afford?</strong></h3>
<p><br /> 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. <br /> <br /> 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.<br /> <br /> <strong>Rent:</strong> _________________________<br /> <br /> <strong>Multiplier:</strong> x 1.32<br /> <br /> <strong>Mortgage payment:</strong> _________________________<br /> <br /> 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. <br /> <br /> <em>For more help, use Fannie Mae’s </em><em><a href="http://www.fanniemae.com/homebuyers/calculators/index.jhtml?p=Resources&amp;s=Calculators">online mortgage calculators</a></em><em>. </em></p>
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