The monthly mortgage payment is only part of what a home costs.
Monthly and yearly costs
- Principal and interest
- Property taxes
- Homeowners insurance
- Mortgage insurance, if you put down less than 20% on many loans
- HOA or condo fees
- Utilities, often higher than renting
- Maintenance and repairs; many people set aside 1% or more of the home's value a year
General educational information, not mortgage advice. Programs and rules change. Save More Haven isn't paid by any lender, broker or real estate agent.