What are the monthly costs of owning a home?

March 27, 2013 By Hatch Mortgages

Some costs—like property taxes—aren’t billed monthly, so you’ll have to do some calculations to break them down into monthly costs. Mortgage payments Probably your biggest monthly expense. The actual amount depends on your term, your amortization rate and your payment schedule. Property taxes These are paid either directly to the municipality, or as part of your monthly mortgage payment. School taxes These might be integrated into your property taxes or be payable separately in a single lump sum. 

 Utilities You’re responsible for all utility bills including heating, gas, electricity, water, telephone, and cable. Maintenance You’re also responsible for the cost of maintaining your home inside and out: painting, repairs, electrical and plumbing work, lawn care and snow removal, etc. Taking good care of your property enhances the neighbourhood and can help preserve and even add to your home’s market value.