The True Monthly Cost of a Mortgage
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.
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Related: Loan Affordability Budget