How to Calculate your Actual Monthly Cost
One of the big mistakes many mortgage borrowers make is underestimating their monthly cost. Your cost of living won’t come singularly from the houses ownership. Water, hydro, waste rates and location all play factors in determining how hard your bank account will be hit.
How to Calculate Your Actual Cost
Hydro and gas on average will be roughly $125-200 a month each. Home insurance can vary from $100-150, depending on your premium. Property tax on a $500,000 house will cost $264 a month. Water, garbage/recycling and sewage will vary depending on consumption but expect a yearly total of $750 for each.
Using the purchase calculator on your Canadian Mortgage App, we can accurately and quickly calculate your monthly costs.
Within the Purchase Calculator, you can input your desired home’s price, the down payment, property tax, monthly utilities & fees(discussed above), and any rental income. Once this is completed you will return a total monthly cost which is the actual payment necessary to live in that residence.
By using the Purchase Calculator you get a truly accurate cost of living for a particular home and become educated and empowered in your home buying process. The real costs of owning can be surprising, but the equity built will always surpass renting. You now have the power to calculate the actual monthly cost of living in any residence, in minutes, thanks to the Canadian Mortgage App.