How much does a home truly cost? We’ll break it down for you today.
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One of my clients recently asked me how much of a home they could afford. I wanted to answer that question today by breaking down the cost of homeownership on a monthly basis.
To get a quick estimate of what your mortgage payments would be like when buying a certain home, you can visit my mortgage calculator here. Just put in the price of the home you’re thinking about buying, how much you’re putting down, the interest rates, and the length of the loan. Then you’ll get an estimate of your monthly payment.
Use our mortgage calculator to figure out your payment.
For example, let’s say you’re buying a home for $500,000 and only putting 10% down. Putting less than 20% down will result in you having to pay private mortgage insurance which would be an extra $250 on your payment each month.
There are also a few other costs that go into this monthly payment, including a tax rate of $55 for every $100,000 the home is worth. Property taxes will also cost you approximately $15 for every $1,000 of home. In the end, the monthly payment for a $500,000 home like this would be about $3,159.
If you have any other questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.
