Question:

How to calculate my monthly housing expense?

Answer:

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.

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Common misspellings: mortage and morgage