Complete Home Buying Cost Calculator by State
Buying your first home involves more than just the purchase price. Use this all-in-one calculator to understand all the costs involved in homeownership, with accurate property tax and insurance rates for your state.
Enter Your Home Details
Your Home Buying Costs
Note: Property taxes vary by location. The rates shown are national averages for 2025.
Note: Insurance rates shown are national averages for 2025. Your actual rates may vary based on home value, location, and coverage options.
Affordability Analysis
Enter your details and click Calculate to see your affordability analysis.
Understanding Your Home Buying Costs
Buying a home involves many costs beyond just the purchase price. This calculator helps you understand all the expenses involved:
Monthly Costs
These are the recurring costs you'll pay each month as a homeowner, including your mortgage payment, property taxes, insurance, and maintenance.
Upfront Costs
These are one-time costs paid when purchasing your home, including your down payment, closing costs, and moving expenses.
Closing Costs
These are fees and expenses you pay when finalizing your mortgage and home purchase, typically ranging from 2-5% of the loan amount.
Property Taxes
These are taxes assessed by your local government based on the value of your property, typically paid annually or as part of your monthly mortgage payment.
Insurance
Homeowner's insurance protects your investment from damage and liability. PMI (Private Mortgage Insurance) is required if your down payment is less than 20%.
Frequently Asked Questions
What is included in the monthly mortgage payment?
A typical monthly mortgage payment includes principal, interest, property taxes, and homeowner's insurance (often abbreviated as PITI). If your down payment is less than 20%, you'll also pay Private Mortgage Insurance (PMI).
How much should I budget for home maintenance?
A common rule of thumb is to budget 1% of your home's value annually for maintenance and repairs. For example, if your home is worth $300,000, you should budget about $3,000 per year or $250 per month.
What are closing costs?
Closing costs are fees and expenses you pay when finalizing your mortgage, typically ranging from 2-5% of the loan amount. These may include loan origination fees, appraisal fees, title insurance, attorney fees, and recording fees.
How do property taxes vary by state?
Property tax rates vary significantly by state, county, and even municipality. States like New Jersey, Illinois, and New Hampshire tend to have higher property tax rates (over 2%), while states like Hawaii, Alabama, and Colorado have lower rates (under 0.5%).
What is PMI and when can I stop paying it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's purchase price. You can request to have PMI removed once you reach 20% equity in your home, and lenders are required to automatically terminate it once you reach 22% equity based on the original amortization schedule.