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.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: