How to calculate my monthly housing expense?


The monthly housing expense is different to homebuyers and people who rent their house.

Calculating Monthly Housing Expense

If you are a homeowner, monthly housing expense is calculated when you know your housing expense (PITI payment); maintenance, repairs and improvements costs; as well as which items you pay on your house are tax-deductible.

To calculate monthly housing expense for a non-homeowner, you need to have an idea how much rent in your area is, whether rent is increasing due to a number of people coming to live in your area; or whether renting costs are declining. Rate of inflation may increase significantly your monthly housing expense.

If you rent but want to own a house, consider a great increase in your monthly housing expense. Renters pay rent, homeowners pay taxes, insurance, maintenance fees plus the mortgage.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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