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.
For more help, use CalcMoolator’s Buy vs. Rent Calculator.
For information about purchasing a home in Virginia Beach, visit her website. This site is focused on homes available for sale in Hampton Roads, Virginia. Email, call or text to make an appointment begin your home search.