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Home Cost Calculator

Calculate Home Cost Calculator instantly with the exact formula and a worked example.

Home Cost Calculator

Home price$
Purchase costs (closing, appraisal, renovation)%
Maintenance and repairs per year%
Property tax and insurance per year$
Utilities per month$
Ownership periodyears
Total cost of home ownership
6,570,000$
Excludes mortgage interest and price growthCalculate Home Cost Calculator instantly with the exact formula and a worked example.
Purchase costs
150000$
Annual running costs
142000$
Average per month
54750$

More about: Home Cost Calculator

What it calculates

The “Home Cost Calculator” calculator computes Total cost of home ownership in $ from 6 parameters: home price ($), purchase costs (closing, appraisal, renovation) (%), maintenance and repairs per year (%), property tax and insurance per year ($), utilities per month ($), ownership period (years).

Useful when choosing a loan, working out the payment, estimating the total cost, and comparing options.

Example calculation

With parameters Home price = 5,000,000 $, Purchase costs (closing, appraisal, renovation) = 3 %, Maintenance and repairs per year = 1 %, Property tax and insurance per year = 20,000 $, Utilities per month = 6,000 $, Ownership period = 10 years the result is 6,570,000 $ (Excludes mortgage interest and price growth).

How to use

  1. Enter home price, purchase costs (closing, appraisal, renovation), maintenance and repairs per year, property tax and insurance per year, utilities per month and ownership period — each field above is adjustable with a slider.
  2. Total cost of home ownership ($) is calculated automatically as you type.
  3. Check the worked example below to see the formula applied to real numbers.
  4. Copy the result or bookmark this calculator.

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FAQ

How is the monthly loan payment calculated?
With the amortization formula: P = S · (i · (1+i)^n) / ((1+i)^n − 1), where S is the loan amount, i is the monthly interest rate (annual rate / 12 / 100), and n is the number of months. This produces equal monthly payments over the full term.
What is APR and how does it differ from the interest rate?
APR (Annual Percentage Rate) reflects the total yearly cost of the loan including the interest rate plus most fees (origination, processing). It is usually higher than the nominal interest rate and is the most reliable number for comparing loan offers.
Can I pay off a loan early without penalty?
Most consumer loans in the US allow early payoff. A few lenders charge a prepayment penalty, so check your loan agreement. Paying extra toward principal reduces the total interest you pay over the life of the loan.
What affects the total interest I pay?
The loan amount, the interest rate, and the term. A longer term lowers the monthly payment but increases total interest. A shorter term costs more per month but far less overall.

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