Finance true cost guide
This guide is built for a fast answer, and the full calculator lets you customize down payment, loan rate, insurance, maintenance, utilities and other variables.
Open the full calculatorWith the default assumptions, buying a $400,000 home means about $490,253 out of pocket over 10 years. That includes $57,000 before move-in and about $3,610 per month after that.
Live summary
$490,253
This table shows where the money goes. Some of it is a real ongoing cost, like interest, tax, insurance, maintenance, utilities, , and . Some of it increases the part of the home you own, like the down payment and mortgage principal.
| Component | How it was counted | Cost by year 10 |
|---|---|---|
| Down payment | 10% of the purchase price paid upfront. | $40,000 |
| Closing costs | 3% of the purchase price for lender, title, and closing fees. | $12,000 |
| Move-in repair budget | A small upfront reserve for early fixes and setup work. | $5,000 |
| Mortgage principal paid | This is the part of the mortgage payment that goes toward owning more of the home. | $54,806 |
| Mortgage interest paid | This is the borrowing cost paid to the lender over the selected years. | $218,247 |
| Property tax | 1.1% of the home price per year in the default setup. | $44,000 |
| Home insurance | $1,500 per year in the default setup. | $15,000 |
| Maintenance reserve | 1% of the home price per year for repairs and upkeep. | $40,000 |
| is added because the default down payment is under 20%. | $25,200 | |
| Utilities + | $300 per month in utilities and no fee in the default setup. | $36,000 |
| Total out-of-pocket cost | Upfront cash plus every recurring ownership cost through year 10. | $490,253 |
This guide is built for a fast answer. The full calculator lets you customize the down payment, loan rate, property tax, insurance, maintenance, , utilities,, and repair budget.
Methodology and sources
This quick guide keeps the inputs short, but it still uses the same calculation engine as the full tool. We also surface official or primary-source background links so readers can verify the main terms and cost drivers, and inline markers above jump straight to the matching source card below.
These links give readers and search engines a clear path back to the most relevant official guidance behind the topic.
Official consumer guidance on mortgages, closing costs, monthly housing payments, and home-buying trade-offs.
Federal home-buying guidance covering affordability, loan prep, and practical ownership planning.
Official explanation of private mortgage insurance and when it changes the monthly cost.
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