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What is included in a monthly 'home' payment?

yp_joe_arlington_887 - 2009-03-17 08:56:48 - Renting Real Estate

I'm trying to get an accurate estimate for home much home I can afford. Mortgage calculators only calculate the loan payments. Not including things like cable and electricity, only things releative towards the actual monthly payments of the home like taxes, insurance, pmi, mortgage, etc...

Best Answer:

There are several costs to owning a home. First is the mortgage payment, which includes principle and interest. Depending on the lender you may have to set up an escrow payment (usually tacked on to the mortgage payment) to cover insurance and taxes. Next you have utilities. This is gas, electricity, and water. This varies depending on your lifestyle and climate. The last set of items are non necasary items. This is usually cable and telephone. The cost is determined by the options you get.

Answers:

Monthly payments only include mortgage. Other than that, I am not really sure what you are asking.

There are two parts to affording a house... The monthly payment, which is the mortgage (PI) plus taxes and insurance. After that, there are the expenses. No one can really estimate these for you since there are too many variables. The common expenses include: telephone, electricity, heat (oil or gas if not electric), water/sewer (unless on well/septic which have other expenses), cable tv (you need to decide what level of service), internet (again, your decision), and of course regular maintenance (yearly heating system checks, lawn care, etc.). To get a handle on the month-to-month things, ask around the neighborhood you plan on buying, or if you have a house in mind, ask the current owner if you can see the past few months bills.

Mortgage - principal, tax, ins, interest tel bill varies check local elec you may get a history from provider water check with utility common areas check with users taxes may be state, county. school, other s such as college cable depends on provider and what you plan to have for each property, these details are different but can be calculated

There are several costs to owning a home. First is the mortgage payment, which includes principle and interest. Depending on the lender you may have to set up an escrow payment (usually tacked on to the mortgage payment) to cover insurance and taxes. Next you have utilities. This is gas, electricity, and water. This varies depending on your lifestyle and climate. The last set of items are non necasary items. This is usually cable and telephone. The cost is determined by the options you get.