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What does it really cost to own a home?
Start by separating the cost of borrowing from the cost of owning. Mortgage principal repays the amount borrowed; interest is the lender’s charge for the loan. Together, they make up principal and interest, often the figure highlighted in a mortgage quote. That number is not a complete ownership budget.
Property taxes and homeowners insurance remain costs of ownership even when a lender collects them with the mortgage payment and pays the bills from an escrow account. As the Consumer Financial Protection Bureau (CFPB) explains, “while property taxes and homeowners’ insurance are often paid with your mortgage, they’re really costs of homeownership” (CFPB guidance on the costs of homeownership).
| Cost | What it pays for | How to budget for it |
|---|---|---|
| Mortgage principal and interest | Repayment of the loan balance and the cost of borrowing | Use the lender’s loan estimate or payment quote; account for principal and interest separately from other ownership expenses. |
| Property tax | Local taxes tied to the property | Check the property’s tax bill and local assessment information. Include it whether paid directly or through escrow. |
| Homeowners and other property insurance | Coverage for the home and, where needed, additional risks | Get quotes for the particular property and its location; do not substitute a state median for a quote. |
| Mortgage insurance | Loan-related insurance that may be required by the lender | Ask the lender whether it applies and include the cost in the monthly loan budget. |
| Utilities | Services such as electricity, gas, water and sewage | Request recent bills or estimates for the home, and consider how its size, systems and usage could affect them. |
| Maintenance and repairs | Routine upkeep and unexpected or major work, such as roof replacement | Inspect the home, identify likely near-term work and set aside funds for repairs and an emergency reserve. |
| HOA or condo fees | Association dues and any property-specific obligations | Check the current fee, what it covers and any other obligations in the association documents. |
Why can the mortgage payment understate the monthly cost?
Some ownership expenses are billed independently of the mortgage, while others are folded into an escrow collection. Either way, they affect the household budget. A low principal-and-interest quote does not establish that a home is affordable if taxes, insurance, utilities, dues or repair needs are high.
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Mortgage insurance is different from homeowners insurance. CFPB says mortgage insurance is typically required when the down payment is under 20%; ask the lender whether it applies to your loan and what it will cost. It is a potential borrowing cost, not a substitute for coverage on the home.
Utilities can also differ from what a buyer paid as a renter. In a Fannie Mae analysis of its Q4 2023 survey, 67% of homeowners said their utilities had increased over the prior year. That is a survey finding about respondents, not a prediction that every homeowner’s bills will rise (Fannie Mae’s survey analysis).
What do national ownership-cost figures tell you?
The U.S. Census Bureau reported that median monthly selected owner costs for U.S. homeowners with a mortgage were $2,035 in 2024, and that those costs represented a median 21.4% of household income. The selected-cost measure includes items such as mortgage payments, insurance, taxes, utilities and fees; it is not a principal-and-interest quote or a personalized affordability test. The 2023 inflation-adjusted median was $1,960 (U.S. Census Bureau, 2025 ACS release).
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These national medians are useful context, not a forecast for a particular buyer. Property taxes, insurance, utility use, home condition and association fees vary by property and location. Census Bureau economist Jacob Fabina described the measure this way: “One way we measure housing affordability is based on how much households spend on selected costs such as mortgage payments, insurance, taxes, utilities, and various fees.”
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Insurance depends on the home and its risk profile
Geography can make a substantial difference to insurance costs. In U.S. Census Bureau 2023 data for mortgaged homes, median annual property-insurance costs were $2,273 in Florida, $2,140 in Louisiana and $2,041 in Oklahoma. These are historical state medians, not current quotes for an individual home. Premiums also vary with location, home size, type, value and risk profile (U.S. Census Bureau, 2025 analysis of property insurance).
For a useful estimate, request a quote based on the exact property and ask whether additional coverage may be needed. Do not use a national or state figure as a stand-in for that quote.
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Association fees are common, but not universal
Based on 2024 American Community Survey data, 21.6 million of 86.6 million owned U.S. households paid an HOA or condo fee. The median monthly fee was $135, while about 3 million households paid more than $500 per month. Those figures describe a broad national distribution; the property’s current dues and obligations are what matter for your budget (U.S. Census Bureau, 2025 HOA and condo fee analysis).
Review the association’s documents for the current fee, what it covers and any other property-specific charges. Do not assume dues cover every repair or service, or that a national median applies to the home you are considering.
Utilities and upkeep depend on use and condition
Utility bills reflect the home’s systems, size, local rates and how occupants use it. Ask for recent bills when possible, and treat estimates as estimates if the property’s future occupancy or usage will differ.
Owners are also responsible for maintenance and repairs, from small fixes to major replacements. CFPB advises buyers to be able to cover repairs and maintenance and to keep an emergency fund. It does not prescribe one universal maintenance percentage, so assess the home’s condition and likely needs rather than relying on a blanket rule.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What costs come with taking out a mortgage?
Taking out a mortgage and buying the property can require substantial cash before the first regular payment. CFPB identifies potential upfront expenses including the down payment, lender origination charges, optional discount points, third-party appraisal and title charges, government fees, prepaid interest, first-year homeowners insurance, initial tax and insurance escrow deposits, and other costs such as an inspection. Which charges apply and their amounts depend on the transaction and loan. Review the lender’s disclosures and ask questions about charges you do not understand (CFPB guidance on purchase and mortgage costs).
Keep cash due at closing separate from recurring monthly ownership costs. A down payment and initial escrow deposit are not monthly expenses, while taxes and insurance remain ongoing costs even if part of the first payment is collected at closing.
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Replace broad averages with estimates tied to the property, the loan and the location. Before deciding what you can afford, gather the following:
- Monthly principal and interest from the proposed loan.
- Any mortgage insurance required for the loan.
- The property’s annual tax bill, converted to a monthly budget amount.
- A property-specific homeowners insurance quote and estimates for any additional coverage needed.
- Utility bills or realistic estimates for electricity, gas, water, sewage and other services.
- Current HOA or condo dues, what those dues cover and any other documented obligations.
- The inspection findings, likely near-term repairs and funds for an emergency reserve.
- Cash due at closing, including the down payment, lender and third-party charges, prepaid expenses and initial escrow deposits.
Write the recurring monthly costs in one total and the cash-to-close items in another. If taxes or insurance are escrowed, include them in the recurring ownership total rather than treating the mortgage collection as the entire cost. CFPB also advises considering whether you expect to stay for a few years: buying and selling involve fees, taxes and commissions, which can make a short ownership period more costly (CFPB guidance for home buyers).
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