Is your rent money worth a home payment?
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.
If you’d like to talk about this more, including current rates and low down payment options, please reach out at 860.426.2447. We will be happy to help!