True Cost of Owning

The mortgage payment is just the opening act. Here's what homeownership actually costs annually beyond your monthly payment:

• Property taxes: 0.5%-2.5% of home value per year
• Homeowner's insurance: $1,500-$3,000+
• Maintenance: Budget 1-2% of the home's value every year
• HOA fees: $200-$500/month in many areas
• Opportunity cost: Your down payment could be invested elsewhere

A $400,000 home with a $2,200 mortgage actually costs $3,200-$3,800/month when you factor everything in. Most rent-vs-buy calculators conveniently leave half of these out. The honest math changes the equation completely.