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. Go Back To Buyer's Tips Index Go To Homepage