- 1). Determine your principal and interest monthly payment. This is for the home itself. The amount of principal and interest varies depending on your credit score, the value of the home and the amount of money you use as a down payment.
- 2). Calculate the property taxes. This varies by state and municipality. Some states have no properly tax (such as in Florida). Property taxes are based on the estimated value of your home.
- 3). Add in private mortgage insurance, if applicable. A financial institution typically requires this if your down payment is less than a certain percentage of the cost of the home (usually between 5 percent and 20 percent).
- 4). Check to see if there are any homeowners association fees. This cost goes toward maintaining the grounds and other facilities.
- 5). Obtain homeowners insurance. Check also on the need for flood insurance (applicable only for properties in a flood zone). These are required in most states and vary depending on the house's location.
- 6). Add all the amounts from the previous steps. This is the total monthly payment for owning the home.
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