True Cost of Buying a House
Estimate the cash needed at closing, the true monthly cost of owning the home, and the full long-term cost of buying a house.
Adjust the estimate
Open more sections only if you want a more detailed house cost estimate.
Core home-buying assumptions
These four inputs change the house cost estimate fastest, so they stay open by default for a quick first pass.
The expected sale price before your down payment and closing costs.
Enter either the percent or the amount in your selected currency. The other value updates automatically.
Pick the mortgage length you want the house estimate to use.
The rate on the home loan you want this estimate to use.
Cash at closing
Use this section for closing costs and the move-in work that often gets missed in a basic mortgage quote.
Many buyers land somewhere around 2% to 5%, depending on lender fees, title work, and local taxes.
Cash for paint, repairs, appliances, or contractor work right after closing.
Taxes, insurance, and upkeep
Property tax, insurance, maintenance, and PMI are what turn a monthly payment quote into a true homeownership estimate.
Use your local effective annual property tax rate if you know it.
Use the premium you expect to pay for coverage each month or each year.
A common planning rule is about 1% of home value per year for upkeep and replacements.
Private mortgage insurance is usually only relevant when the down payment is below 20%.
HOA and utilities
Switch these recurring fields between monthly and yearly entry without losing your amount.
Association dues, condo fees, or community charges tied to the home.
Power, water, gas, internet, trash, and the household bills that come every month.
How this calculation works
Use the review period below to follow the cost story from closing cash to financing, taxes, protection, and the ongoing bills that make up the selected total.
This is the day-one cash requirement. It sits first in the story because you need it before the mortgage and ongoing ownership costs even begin.
Why this matters
This is the standard fixed-rate mortgage formula. The monthly payment stays level, but over time more of each payment goes toward the loan and less goes to interest.
Calculation with your inputs
Loan amount
$360,000
Interest rate
6.5%
Loan term
30 years
Monthly mortgage payment
$2,275
Amount of the home you paid off by year 10
$54,806
Interest paid by year 10
$218,247
Why this matters
This keeps the estimate simple by applying your yearly property tax rate to the home price each year.
Calculation with your inputs
Property tax rate
1.1%
Property tax per year
$4,400
Property tax per month
$367
Total by year 10
$44,000
Why this matters
These are the steady ownership bills that keep the home insured, serviced, and running month to month.
Calculation with your inputs
Homeowners insurance per year
$1,500
HOA fees per month
$0
Utilities per month
$300
Combined by year 10
$51,000
Why this matters
This is the repair and upkeep reserve that helps capture the real cost of owning a home over time.
Calculation with your inputs
Maintenance rate
1%
Maintenance per year
$4,000
Maintenance per month
$333
Total by year 10
$40,000
Why this matters
PMI is included automatically here because the down payment is below 20%. Some real loans remove it later, but this estimate keeps it on unless you change the rate.
Calculation with your inputs
PMI rate
0.7%
PMI per month
$210
Total by year 10
$25,200
This total adds the cash-at-closing section and every formula section above, so the full story matches the total shown in the results panel.
By the end of year 10, that lines up with about $490,253 paid in total.
About $94,806 would be the part of the home you own, and about $305,194 would still be left on the mortgage.
Worked example
This example shows why a home budget changes once you include cash to close, recurring ownership bills, and the first few years of payments.
A buyer targets a $450,000 home, puts 10% down, uses a 30-year mortgage, and keeps realistic allowances for closing costs, repairs, insurance, upkeep, HOA fees, and utilities.
Inputs used in this example
That includes about $71,984 built as home equity.
Worked example math
The headline mortgage payment is only one part of homeownership. Cash to close, taxes, maintenance, PMI, and monthly household bills all materially change the real budget.
Frequently asked questions
This calculator includes the down payment, estimated closing costs, and a move-in repair budget so you can see the cash needed before normal monthly ownership costs begin.
It includes principal and interest, property tax, homeowners insurance, maintenance, PMI when relevant, HOA fees, and utilities.
Because the running total includes the upfront cash at closing plus taxes, insurance, maintenance, utilities, HOA fees, and PMI where applicable across the selected review period.
Yes. If the down payment is below 20%, the calculator adds PMI using the PMI rate you enter. At 20% down or more, PMI falls to zero.
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Estimated cost through year 10
$490,253