Real Estate Calculator
Calculate total homeownership costs including mortgage, taxes, and insurance
Property Details
Enter property and financing information
About Real Estate Calculator
A real estate calculator helps you understand the total cost of homeownership beyond just the mortgage payment. It includes property taxes, insurance, HOA fees, and other expenses that influence your overall monthly housing cost.
•Components of Homeownership Costs
- –Principal & Interest: Your monthly mortgage payment based on loan amount and interest rate.
- –Property Taxes: Annual taxes paid to the local government, typically around 1–2% of the home’s value.
- –Homeowners Insurance: Required coverage to protect your property and investment.
- –HOA Fees: Monthly fees for community amenities and maintenance (if applicable).
- –PMI: Private Mortgage Insurance, required if your down payment is less than 20%.
•The 28/36 Rule
Lenders typically use the 28/36 rule to evaluate affordability:
- –28%: Your housing costs (mortgage, taxes, insurance, HOA fees) should not exceed 28% of your gross monthly income.
- –36%: Your total debt payments, including housing and other debts, should not exceed 36% of your gross income.
Following this rule helps maintain financial stability and ensures your home purchase remains affordable in the long term.