Estimate your financial responsibilities after buying a home.
Future monthly savings goals
Property taxes and homeowner’s
Your savings goals as a homeowner may be different
than your current goals. Enter the amount you want to
Property taxes and homeowner’s insurance are an
put away each month from your take-home income.
important part of your monthly payment. Update
these assumptions as you move forward to more
precisely estimate your affordable monthly payment.
A good rule of thumb is to have at least 3-6 months
of expenses saved.
Property taxes are based on the assessed value
of a home, which may be different from the home
price. But, the typical home price in your target
Savings for retirement, kids’ college, vacations, or
neighborhood is a good rough estimate.
Property tax rate (annual):
Total future monthly
The national median is 1.1%, but rates vary widely
by location. Check with your local tax authority for a
more precise estimate.
New homeownership expenses
Annual property taxes:
There are more costs to being a homeowner than
just the monthly mortgage payment. Estimate these
homeownership expenses on a monthly basis.
The national median is $750, but rates vary by
A common rule of thumb is 1% of your target home
location, the value and features of your home, and
price (divide by 12 to get a monthly amount).
the coverage that you select.
Total annual taxes
This is up to you. What kinds of improvements do you plan
to make? How much do you want to set aside monthly?
Divide by 12 to get a
These fees can vary widely depending on the specific
building or HOA. Explore listings in your target
Monthly taxes &
neighborhoods to make an estimate.
Changed monthly expenses
Wondering where we got our data? Check out our sources:
Estimate the total monthly utilities you will pay as
a homeowner. If some of your utilities are included
in your rent now, you’ll likely have to pay for them
separately as a homeowner. Utilities may also increase
with a larger home.
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Learn more at consumerfinance.gov/owning-a-home