The True Monthly Cost of a Mortgage

Principal and interest are only part of the cost of owning a home.

Depending on the property and loan, the monthly housing cost can also include:

  • Property taxes
  • Homeowners insurance
  • Mortgage insurance
  • HOA fees
  • Maintenance reserves

When comparing affordability, evaluate the complete monthly housing cost rather than only the mortgage payment shown in a calculator.

For more mortgage and home-equity research, visit EasyLoanWorld.

Related: Loan Affordability Budget

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