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 state averages for 2025.
Note: Insurance rates shown are state 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
Homeowners insurance protects your property, and private mortgage insurance (PMI) may be required if your down payment is less than 20%.
Frequently Asked Questions About First-Time Home Buying
What costs should first-time home buyers expect beyond the mortgage?
Beyond your mortgage payment, you should budget for property taxes, homeowners insurance, possible PMI, closing costs (2-5% of loan amount), home maintenance (typically 1% of home value annually), utilities, and possible HOA fees. Our calculator helps you estimate all these costs based on your state and home details.
Why do property tax rates vary so much between states?
Property tax rates vary between states due to differences in how local governments fund public services like schools, infrastructure, and emergency services. States with higher property taxes often have lower income or sales taxes, while states with lower property taxes may rely more heavily on other revenue sources. Our calculator uses 2025 state-specific property tax rates to give you accurate estimates.
How much should I budget for home insurance?
Home insurance costs vary significantly by state, with the national average around $2,601 annually in 2025. States with higher risks of natural disasters (like Florida, Oklahoma, and Texas) typically have higher premiums. Our calculator provides state-specific insurance estimates, but your actual costs may vary based on your home's value, construction, location, and coverage options.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home's purchase price. PMI protects the lender if you default on your loan. It usually costs between 0.3% and 1.5% of your loan amount annually. Once you reach 20% equity in your home, you can request to have PMI removed. Our calculator automatically includes PMI costs when applicable.