Homebuying worksheet
Which home fits your monthly budget?
A lower property tax bill can disappear into higher insurance or association fees. Compare two actual homes using the costs you would pay.
Compare recurring costs
The starting values are a hypothetical example, not county averages or price quotes. Replace every amount with your own estimates; enter 0 for costs that do not apply. All amounts are in US dollars.
Avoid counting escrow twice: enter only principal and interest in the mortgage field, then enter taxes and insurance separately.
Formula: monthly budget = principal and interest + (annual taxes + annual insurance) ÷ 12 + monthly HOA, mortgage insurance, utilities, maintenance reserve and other recurring costs. Annual budget uses the entered amounts before rounding the monthly display.
Worked example: lower taxes, higher total
In the example above, Home A needs $2,050/month ($24,600/year) and Home B needs $2,250/month ($27,000/year). Home B saves $150/month in property taxes, but its extra $200/month of insurance and $150/month of HOA dues more than offset that saving. Its total budget is $200/month higher.
Get numbers for the property you would buy
- Financing: use a lender estimate based on your down payment and loan terms. For a cash purchase, enter 0 for principal and interest.
- Taxes: start with the parcel record and current bill. Ask the local assessor about the taxable value after purchase and which exemptions you qualify for. A seller’s bill is a starting point, not a promise of your bill. Use our county guides to find local offices and calculation details.
- Insurance and dues: obtain address-specific coverage quotes and the association’s fee schedule. Check for assessments beyond regular dues.
- Upkeep: use inspection findings and service estimates to plan a repair reserve. Adjust utilities for the home’s size and your usage.
What the result tells you
This is a recurring cash-budget comparison. It includes mortgage principal and a maintenance reserve; it does not measure investment return or tell you whether you qualify for a loan. Set aside a separate budget for the down payment, closing, moving, immediate repairs and one-time assessments. Future changes in taxes, insurance or loan payments are not projected.
Compare the result with your take-home income, other debts and savings goals. A cheaper total does not by itself establish that either home is affordable for you.
Why this page no longer ranks “affordable counties”
Our former list filtered county home values and effective tax rates, then sorted tax bills. That did not establish total ownership costs or what a household could afford. County benchmarks also do not price a particular home. This worksheet replaces that ranking while keeping the same address.
Budget categories follow the Consumer Financial Protection Bureau’s homebuying budget guidance. The example and worksheet calculations are our own. Source reviewed September 26, 2026.