Home Costs II
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Monthly Costs For Owners
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Mortgage$1,755.005-year mortgage @ 2.84, 25 year am$1,321.585-year mortgage @ 2.84, 30 year ambiweekly accelerated payments converted into a monthly payment
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Property Taxes$205Property Taxes$300yearly cost divided by 12average of several major cities; you do not necessarily have to pay monthly
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Home Insurance$65Home Insurance$65
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Gas/Hydro/Water$200Gas/Hydro/Water$350
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Land Line45Land Line45
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Cable/internet$140Cable/internet$125cable/internet/utilities are sunk costs. You still have to pay them unless they're included in the rent
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Total monthly expenses $2,410.00Of home ownershipTotal monthly expenses $2,206.58Of home ownership
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Your Current Rent$1,300.00subtract from line aboveYour Current Rent$1,300.00subtract from line above
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Here are your basic extra monthly costs of owning$1,110.00Here are your basic extra monthly costs of owning$906.58
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Annual Costs (Maintenance, Upkeep)
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Yard/Landscaping$300$300
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Plumber/Electrician/Appliance Repair$350$350
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Furnace inspection and warranty$250$250
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A Sample of Possible Expenses Over The Years
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New Roof$4,000$4,000
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Replace a major appliance$800$800
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Paint exterior$2,000$2,000
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Flooded Basement$3,000If you are planning for this, then buy something else$3,000
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Re-do Driveway$4,000Maybe for asphalt only$4,000
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Furnishing$6,000variable, but between $2000 and $10000 depending if you buy new or used$6,000
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New windows / exterior door$9,000On the low side - many of these things will be noted during the inspection and you may pass if they all seem necessary$9,000$8,000-10,000
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