Real Estate Calculator (Monthly Home Cost)
See the true monthly cost of a home, not just the mortgage.
The full monthly cost
The mortgage payment is only part of the cost of owning a home. Lenders and budgets also count property tax, homeowners insurance, mortgage insurance when the down payment is small, and any HOA or condo fees. Together these are often called PITI plus fees.
Example
A 350,000 home with 10% down at 6.5% over 30 years has principal and interest of about 1,991, property tax of 321, insurance of 100, mortgage insurance of 158 and HOA fees of 50. The total is about 2,619 a month.
Maintenance and repairs are not included, and a common guideline is to set aside about 1% of the home’s value each year for them. Rates, taxes and insurance vary widely by place, so use your own figures.
Frequently asked questions
When can I drop PMI?
Often once your equity reaches 20% of the home's value, though rules vary by loan and lender.
Is the property tax rate about 1%?
In many US areas it is, but it ranges widely. Check your local rate.
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