March 8th, 2022 2:44 PM by Shawn Smith NMLS#863501
If you make a rent payment now, chances are you can afford a monthly mortgage payment. Most of my clients are surprised at how far their rent payment can go when they purchase a home.This Rent to Mortgage calculator will help you see how much home you may be able to purchase for a payment that’s comparable to what you’re paying now.
If you want, you can drill down a bit further to see how your down payment can affect your possible purchase price and the income you might need to qualify for the loan.Remember—when you put your money toward a home payment rather than a rent payment, you’re building equity and earning advantages for yourself instead of your landlord.
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