Monthly carrying costs when buying a home
When you take out a mortgage to buy a home, you know how much your monthly mortgage payment will be. However, that's not the only monthly cost associated with owning a home - and the extra ones can add up fast. Depending on where your new home is located, and which utilities it's hooked up to, the additional monthly costs will vary from home-to-home. Here are some of the most common costs you could have to pay each month as a homeowner.
This table shows your estimated monthly carrying costs for a $350,000 home with a $300,000 mortgage at 3.24% amortized over 25 years.
| Mortgage Payment | $1,456.94 |
|---|---|
| Monthly Property Tax | $729.17 |
| Utilities | $300.00 |
| Home Insurance | $50.00 |
| Phone | $40.00 |
| Cable | $60.00 |
| Internet | $45.00 |
| Total | $2,681.10 |
Calculate your monthly housing expenses
Property Taxes
Condo Fees
Utilities
Home Insurance
Cable, Phone and Internet
Home Maintenance
Budgeting for Savings and Debt
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