Not only does owning a home give you a haven for you 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.

To determine what your monthly mortgage payment would be on various loan amounts and interest rates, go to my finance page and use the finance calculator.

Reprinted from REALTOR® Magazine Online by permission of the
NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2003. All rights reserved.