How is Better’s mortgage calculator different? This mortgage calculator shows your payments with taxes and insurance Here’s a helpful chart from Forbes breaking down the Census Bureau’s 2021 American Community Survey 5-year estimate: While exact property tax rates vary by county, it can be helpful to look at taxes on the state level to get an idea for taxes in your state. Buying in an area with a lower property tax rate may make it easier for you to afford a higher-priced home. To see how much home you can afford including these costs, take a look at the Better home affordability calculator.įun fact: Property tax rates are extremely localized, so two homes of roughly the same size and quality on either side of a municipal border could have very different tax rates.

The only amounts we haven’t included are the money you’ll need to save for annual home maintenance/repairs or the costs of home improvements. If you’re thinking about buying a condo or into a community with a Homeowners Association (HOA), you can add HOA fees. As the costs of utilities can vary from county to county, we’ve included a utilities estimate that you can break down by service. If you enter a down payment amount that’s less than 20% of the home price, private mortgage insurance (PMI) costs will be added to your monthly mortgage payment. Taxes, insurance, and HOA fees will vary by location. Increasing your down payment and decreasing your interest rate and mortgage term length will make your monthly payment go down. Play around with different home prices, locations, down payments, interest rates, and mortgage lengths to see how they impact your monthly mortgage payments.

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