FREE HOME DECISION TOOL

True Cost of Homeownership Calculator

Estimate the broader monthly cost of owning a home, including financing, property tax, insurance, maintenance, utilities, mortgage insurance, HOA dues, and assessments.

Free to useGuided field explanationsYour inputs stay on your device

YOUR NUMBERS

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You can use estimates and return later with more precise figures.

New to these numbers?Every field includes a plain-language hint. Open Why it matters to see how it changes the rest of your estimate.

Home priceThe agreed or estimated property price before financing costs.

Why it matters

A higher price increases the loan, down payment, taxes, closing costs, and many reserves.

Down paymentThe share of the price you pay upfront instead of borrowing.

Why it matters

More down usually lowers the loan and monthly payment, but uses more cash at closing.

Interest rateThe annual interest percentage charged on the mortgage balance.

Why it matters

Rate and loan size work together: even a small rate change can materially move the monthly payment.

Loan termThe number of years used to repay the new loan.

years

Why it matters

A longer term usually lowers the monthly payment but can increase total interest.

Annual property taxThe property tax billed each year by the local municipality.

Why it matters

Taxes add directly to your monthly ownership cost and can change after a purchase or reassessment.

Annual homeowners and supplemental insuranceYour homeowners insurance estimate; this is separate from mortgage insurance.

Why it matters

Insurance adds to the all-in payment and often varies with property type, location, and coverage.

Monthly mortgage insuranceA lender-provided monthly private mortgage insurance or government mortgage insurance estimate.

Why it matters

Mortgage insurance protects the lender, not the borrower, and raises the payment while it applies.

Annual maintenance reserveMoney reserved each year for repairs, replacements, and upkeep.

% of value

Why it matters

A larger reserve raises the honest monthly cost but reduces the chance that repairs break your budget.

Monthly utilitiesTypical monthly energy, water, waste, and other property utilities.

Why it matters

Utilities are not normally part of the mortgage payment but are part of the household ownership budget.

Monthly HOA and assessmentsAny recurring homeowners or condominium association charge.

Why it matters

HOA dues raise the monthly cost but do not build equity or reduce the loan.

Monthly ground rent / co-op feeRecurring land-lease, ground-rent, or co-op corporation charge not included in principal and interest.

Why it matters

This is part of the housing obligation even when it is billed separately from the mortgage.

Monthly second-loan paymentRequired monthly principal and interest for a second mortgage or other property-secured loan.

Why it matters

Subordinate financing increases the complete housing obligation and debt-to-income ratio.

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CALCULATOR GUIDE

How to use the true homeownership cost calculator

This calculator looks beyond principal and interest to assemble a wider ownership budget. It is useful for comparing a mortgage estimate with the recurring costs a homeowner may actually carry.

Key assumptions and limitations

Maintenance is modeled as the entered percentage of property value.
Utilities, dues, assessments, insurance, and taxes use current estimates and can change.
Large repairs, renovations, and transaction costs are outside the recurring monthly estimate unless entered indirectly.

Common questions

What costs are included?

The model includes the entered loan payment, taxes, insurance, mortgage insurance, maintenance reserve, utilities, association costs, ground rent, and secondary-loan payment.

Is maintenance the same every month?

No. The monthly figure is a planning reserve; actual repairs are irregular and property-specific.

Educational estimates only. Verify important home, lending, insurance, tax, and legal decisions with the appropriate qualified professionals.

True Cost of Homeownership Calculator

Tell us what you know today.

How to use the true homeownership cost calculator

Key assumptions and limitations

Common questions

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