Money · First year cost
US First Home Buyer True Cost
Calculate what American homeownership actually costs in months one through twelve: down payment, PMI, closing costs, taxes, HOA fees, and maintenance.
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Plain-English why
Copyable takeaway
What this means
No waffle. Just the number and how it was worked out.
Formula used
First year cost = down payment + closing costs + year-1 maintenance + 12 × (mortgage + PMI + property tax + insurance + HOA).
Worked example
A $350,000 home with 10% down at 7% requires roughly $35,000 down, $10,500 closing costs, $3,500 maintenance, and $28,000 in monthly payments — over $77,000 in year one.
Common questions
What is PMI and when does it apply?
Private Mortgage Insurance applies when your down payment is less than 20%. It typically costs 0.5–1.5% of the loan annually until you reach 20% equity.
Why are closing costs separate from the down payment?
Closing costs (title insurance, attorney fees, origination fees, etc.) are paid on completion day and can add 2–4% of the purchase price on top of your down payment.
Plain-English summary
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This section translates the result into a short, direct takeaway rather than leaving the page at a bare number.
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