Real Cost of Ownership Dashboard
See the true monthly cost of homeownership - not just Principal & Interest. Includes property taxes, insurance, HOA, PMI, maintenance, and more.
Calculator Inputs
Basic Loan Information
Down Payment: $90,000
Location & Property Taxes
Monthly: $0
Additional Monthly Costs
Monthly: $0 | Typical range: $900 - $2,250
Recommended: 1-2% | Monthly: $0
No PMI (20%+ down)
Monthly Cost Breakdown
PMI vs VA Funding Fee Comparison
PMI (Conventional/FHA)
VA Funding Fee
Note: PMI is paid monthly until you reach 20% equity. VA funding fee is a one-time cost that can be financed into the loan.
5-Year Total Cost Analysis
Without Maintenance
With Maintenance Reserve
Maintenance Reserve: Setting aside 1.5% annually ($0/month) helps cover repairs, upgrades, and unexpected costs.
Refi Break-Even
New Rate: 5.500%
Note: With a 1% rate drop, refinancing may not provide sufficient savings to justify closing costs at this time.
This calculator provides estimates based on the information you enter and current market data. Actual results may vary based on:
- Local tax assessment methods and schedules
- Special assessments or additional fees
- Changes in tax rates or policies
- Individual property characteristics
- Available exemptions and deductions
The results shown are for informational purposes only and should not be considered financial advice. Please consult with a qualified tax professional or your local tax assessor's office for specific guidance regarding your property taxes.
National Mortgage Center does not guarantee the accuracy of these calculations and is not responsible for any actions taken based on the information provided.
Why Most Calculators Miss the Real Cost
Traditional mortgage calculators only show Principal & Interest. The real cost of homeownership includes much more.
Hidden Costs Add Up
Property taxes, insurance, HOA fees, and maintenance can add $500-$1,500+ to your monthly payment. Most calculators ignore these.
PMI vs VA Funding Fee
Understand the true cost difference between PMI (monthly) and VA funding fees (one-time). Compare total costs over 5-10 years.
Refi Break-Even Analysis
See exactly when refinancing pays off. Our calculator shows break-even point based on closing costs and rate savings.
Everything Included in Your True Monthly Cost
Principal & Interest
The base mortgage payment everyone calculates.
Property Taxes
Auto-estimated by county for accurate local rates.
Home Insurance
Realistic ranges based on property value and location.
HOA Fees
Monthly homeowners association fees if applicable.
PMI / VA Funding Fee
Compare monthly PMI vs one-time VA funding fee amortized.
Maintenance Reserve
1-2% of home value annually for repairs and upkeep.
See How Location Affects Your Total Cost
Property taxes vary dramatically by state. Compare how the same home would cost in different locations.
Use the calculator above and change your state to see how property taxes impact your total monthly payment. Property tax rates can vary from 0.27% (Hawaii) to 1.92% (Illinois) - a difference of hundreds of dollars per month!
Lowest Tax States
Hawaii (0.27%), Alabama (0.38%), Louisiana (0.53%)
Average Tax States
Kansas (1.25%), Virginia (0.71%), Colorado (0.49%)
Highest Tax States
New Jersey (1.89%), Illinois (1.92%), New Hampshire (1.46%)
💡 Pro Tip: Use our calculator to see exactly how moving to a different state would affect your total monthly payment. The difference can be substantial!
Compare Real-World Scenarios
See how total homeownership costs differ for different types of homes and situations
Starter Home
First-time homebuyer
Family Home
Typical family purchase
Luxury Home
Premium property
Note: These are estimates. Use the calculator above with your specific details for accurate numbers.
Calculate Your Exact CostCompare Loan Types: Same Home, Different Costs
See how Conventional, FHA, and VA loans compare for the same $450,000 home with 20% down
Conventional Loan
Best for: Buyers with 20% down and good credit
FHA Loan
Best for: First-time buyers with lower down payment
VA Loan
*Amortized one-time 2.3% fee. Best for: Veterans/active military
💰 Key Insights:
- •Conventional with 20% down avoids PMI entirely, saving ~$300+/month vs FHA
- •FHA loans allow just 3.5% down but require MIP for the life of the loan (if <10% down)
- •VA loans require no down payment and no PMI, but have a one-time funding fee (can be financed)
- •Use the calculator above to see your exact costs based on your specific situation and location
Tips to Reduce Your Total Homeownership Costs
Smart strategies to lower your monthly and annual homeownership expenses
Avoid PMI with 20% Down
Making a 20% down payment eliminates PMI, saving you $100-$300+ per month. Consider saving longer or using gift funds to reach this threshold.
Apply for Tax Exemptions
Many states offer homestead, senior citizen, veteran, or disability exemptions that can significantly reduce property taxes. Check your local assessor's office.
Shop Insurance Rates
Compare quotes from multiple insurance providers annually. Bundle home and auto insurance, raise deductibles, and maintain good credit to lower premiums.
Appeal Property Tax Assessment
If your property is over-assessed, you may be able to appeal and reduce your property tax bill. Research comparable properties in your area.
Refinance When Rates Drop
Monitor interest rates and refinance when rates drop 1% or more. Use our break-even calculator to ensure the savings justify closing costs.
Perform Regular Maintenance
Prevent costly repairs by maintaining your home regularly. Clean gutters, service HVAC systems, and address small issues before they become major expenses.
Frequently Asked Questions
Why is the real cost of ownership higher than just P&I?
Your monthly mortgage payment includes Principal & Interest, but homeownership has additional costs: property taxes, homeowners insurance, PMI (if applicable), HOA fees, and maintenance. These can add $500-$1,500+ to your monthly payment.
How accurate is the property tax estimation?
Property tax rates vary by county, city, and school district. Our calculator uses state averages and can estimate by zip code. For the most accurate estimate, check with your local tax assessor's office or real estate agent.
What's the difference between PMI and VA funding fee?
PMI (Private Mortgage Insurance) is a monthly fee paid until you reach 20% equity. VA funding fee is a one-time fee (typically 2.3% for first-time use) that can be financed into the loan. The calculator shows both for comparison over 5-10 years.
Why include a maintenance reserve?
Homes require ongoing maintenance and repairs. Setting aside 1-2% of your home's value annually (about $4,500-$9,000 on a $450,000 home) helps cover unexpected repairs, appliance replacements, and upkeep.
When does refinancing make sense?
Refinancing makes sense when the monthly savings outweigh the closing costs. Our break-even analysis shows exactly when you'll recoup your closing costs. Generally, if you'll save money within 2-3 years, refinancing is worth considering.
How can I reduce my total monthly homeownership costs?
You can reduce costs by: making a larger down payment to avoid PMI, shopping for better insurance rates, appealing property tax assessments, negotiating HOA fees, taking advantage of tax exemptions (homestead, veteran, etc.), and refinancing when rates drop.
Should I include maintenance in my monthly budget?
Yes, including a maintenance reserve (1-2% of home value annually) in your budget prevents financial stress when unexpected repairs arise. This covers everything from HVAC replacements to roof repairs and appliance failures.
Related Calculators & Tools
Estimate property taxes by state and zip code
Calculate monthly principal & interest payments
See how much home you can afford
Calculate refinancing savings and break-even
See how extra payments save interest
Calculate temporary rate buydown savings
Calculate bi-weekly payment savings
View our complete calculator suite
Ready to See Your True Monthly Cost?
Use our Real Cost of Ownership calculator above to see exactly what you'll pay each month, including all hidden costs.