Most mortgage calculators only provide you with basic information regarding the home price, down payment, interest rate, and mortgage term. While these are often the most critical aspects of any home purchase, someone looking to calibrate their cost expectations for purchasing a home could grossly underestimate the expected costs as real estate property taxes must also be included in the cost of owning property, and also, homeowner’s insurance is almost an additional cost if you are borrowing to purchase a home.
Further, if you anticipate paying less than 20% on a home, you will also be subject to private mortgage insurance until have 20% equity in your home. These extra factors can almost certainly add several hundred dollars or more to the costs associated with home ownership, and it is important to take them fully into account before making a purchase. With that in mind, I have prepared a free … Read the rest of this article!