Home Buying True Cost Calculator
The mortgage is just the beginning. See your complete Year 1 cost — closing costs, PMI, property taxes, insurance, HOA, and maintenance — broken down by item, percentage share, and monthly equivalent.
Purchase Details Loan structure
$
US median: $419,300 (NAR Q1 2026) First-time buyers avg: 6–8%. ≥20% eliminates PMI.
30-yr national avg: ~6.85% (Freddie Mac, Jun 2025)
15-yr saves ~40% total interest but costs ~30% more monthly.
Closing Costs One-time at settlement
National range: 2–5% of loan. Ask about seller concessions.
$
Home inspection: $300–500. Appraisal: $300–600. Never skip. Ongoing Annual Costs Recurring expenses
US avg: 1.07%. NJ highest (2.47%), HI lowest (0.29%).
$
US avg: $1,687/yr ($140/mo). Higher in FL, TX, LA. Applies if down payment <20%. 0.5–1.5% typical. Auto-zero if ≥20% down.
$
US avg for condos/townhomes: $200–300/mo. Zero for most single-family. 1% rule — older homes or harsh climates: use 1.5–2%.
$
Local move: $800–2,500. Long-distance: $2,000–10,000. Plus appliances, blinds, etc. Year-One True Cost of Buying
—
beyond mortgage principal repayment · updates instantly
Your results appear here
Fill in the fields on the leftResults update as you typeUse Print or Copy to save
Full Year-One Cost Breakdown
Data sources & methodology:
Closing cost rates from CFPB Loan Estimate data and lender surveys. Property tax rates from Tax Foundation 2024.
PMI rates from Urban Institute. Maintenance estimates from Harvard Joint Center for Housing Studies.
Results are estimates for informational purposes only — not financial or legal advice.
Full disclaimer →
Frequently asked questions
What are the hidden costs of buying a home beyond the down payment?
Beyond the down payment, year-one costs typically include closing costs (2–5% of the loan), prepaid property taxes and homeowners insurance, PMI if you put down less than 20%, moving and setup costs, and a maintenance reserve (budget about 1% of the home value per year). These can add up to tens of thousands of dollars in the first year alone.
How much are closing costs on a house?
Closing costs usually run 2–5% of the loan amount, covering lender origination fees, title insurance, escrow, appraisal, and transfer taxes. On a $400,000 loan that is roughly $8,000–$20,000. Some fees are negotiable, and sellers can sometimes be asked to contribute.
When do I have to pay PMI, and how do I get rid of it?
Private mortgage insurance (PMI) is generally required when your down payment is under 20%. It typically costs 0.5–1.5% of the loan per year. Lenders must automatically cancel it once you reach 22% equity on the original schedule, and you can request cancellation at 20% equity.
How much should I budget for home maintenance each year?
A common rule of thumb is 1% of the home value per year for maintenance and repairs, though older or larger homes often cost more. On a $400,000 home that is about $4,000 annually for upkeep and eventual big-ticket replacements like roofs and HVAC.
🔒 Calculations run 100% in your browser — we never see your numbers 📊 Built on primary-source data (see sources above) 🔄 Reviewed 2026 · methodology · disclaimer