Can You Really Afford This House?

Estimate the full monthly cost of owning a home before you buy — including mortgage, taxes, insurance, PMI, HOA, utilities, maintenance, and repairs.

Example Calculation

Based on a $350k home with 10% down

Estimated Full Monthly Cost

$3,245/mo

Mortgage-Only Payment$2,475/mo

Extra Ownership Costs+$770/mo

Affordability RatingManageable

New to homebuying? Start with our beginner guide.

Start Here Guide

The Gap Between Mortgage Payment and Full Cost

Many first-time buyers underestimate the full monthly cost of owning a home. Full Home Cost helps you see the bigger picture before you buy. When buyers budget based solely on principal and interest, they get blindsided by taxes, insurance, PMI, and maintenance.

Read our Budget Checklist to see all 11 hidden costs

The Illusion

Example: $350,000 home with $70,000 down at 6.5% interest:

$1,770 /mo

What standard calculators show

The Reality

The exact same home with taxes, insurance, and upkeep:

$3,245+ /mo

The Full Home Cost

Not sure if a home fits your budget?

Start with a simple affordability check before using the full calculator. Get an instant, beginner-friendly estimate based on your income and debts.

Try the Affordability Check

What's Included in Your Full Home Cost

We factor in every essential expense that comes with homeownership so you won't face any surprises after you sign the papers.

Mortgage Principal & Interest

Your base payment. If this is all you budget for, you are setting yourself up for financial stress.

Property Taxes

Often ignored until closing. In many states, this can easily add $400 to $800+ to your true monthly bill.

Homeowners Insurance

Required by lenders and essential for protection. Costs vary significantly based on home age and location.

PMI

Private Mortgage Insurance is usually required if your down payment is less than 20%. It protects the lender, not you.

HOA Fees

Mandatory monthly community fees that cover shared amenities but can hike your costs by hundreds.

Utilities

Houses cost much more to heat, cool, and run than apartments. Expect higher electric, water, and gas bills.

Maintenance

Routine upkeep like lawn care, HVAC servicing, and gutter cleaning to keep your home in good condition.

Repairs

Unexpected fixes like a broken water heater or a leaky roof. Budgeting 1% of your home's value annually helps cover these.

How Our Affordability Score Protects You

Lenders will often approve you for more than you can safely afford. Full Home Cost uses your Debt-to-Income (DTI) ratio (your total monthly debt payments divided by your gross monthly income) to give you a plain-language safety rating.

Comfortable

Your debt payments take up less than 28% of your income. You have plenty of breathing room for travel, saving, and life.

Manageable

Your debt takes up less than 36% of your income. You can afford this, but budgeting will be important.

Stretching

Your debt reaches up to 43% of your income. You'll likely feel "house poor" and struggle with unexpected bills.

Risky

Your debt exceeds 43% of your income. Most experts and lenders strongly advise against this level of risk.

Stop Guessing

Find out exactly where you stand before making the biggest purchase of your life.

It takes less than 2 minutes to get your personalized, complete cost breakdown.

Calculate My Full Home Cost

First-Time Buyer Education & Tools

Take the anxiety out of buying your first home by knowing exactly what to expect with Full Home Cost resources.

Step-by-Step Checklist

A complete guide from checking your credit score to getting the keys on closing day.

View Checklist

Budget Checklist

The complete list of all 11 hidden expenses you must budget for.

Read Guide

House Poor Risk

See whether a home may leave your monthly budget feeling comfortable or tight.

Calculate Risk

Educational Blog

Learn about PMI, property taxes, and the costly mistakes first-time buyers make.

Read Articles

Explore Related Tools

Ready to run the numbers? Start with theMortgage Calculator, decide whether renting or buying makes more sense with the Rent vs Buy Calculator, assess your budget safety with the House Poor Risk Calculator, or see the full picture with the Full Home Cost Calculator.

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Take 2 minutes right now to find out if that house is a financial dream or a hidden nightmare. Know the full cost before you buy.

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