Buying in an area with a lower property tax rate may make it easier for you to afford a higher-priced home. To see how much home you can afford including these costs, take a look at the Better home affordability calculator.įun fact: Property tax rates are extremely localized, so 2 homes of roughly the same size and quality on either side of a municipal border could have very different tax rates. The only amounts we haven’t included are the money you’ll need to save for annual home maintenance/repairs or the costs of home improvements. If you’re thinking about buying a condo or into a community with a Homeowners Association (HOA), you can add HOA fees. As the costs of utilities can vary from county to county, we’ve included a utilities estimate that you can break down by service.

If you enter a down payment amount that’s less than 20% of the home price, private mortgage insurance (PMI) costs will be added to your monthly mortgage payment. Play around with different home prices, locations, down payments, interest rates, and mortgage lengths to see how they impact your monthly mortgage payments. So you can really crunch the numbers, we’ve included all the typical monthly costs you’ll be responsible for once you own a home. Your monthly mortgage costs include more than just loan payments and interest.

Mortgage payment calculator