Calculate the Costs of Owning a Home

While buying a home often requires years of saving for a down payment, the costs don’t stop once you’ve got the keys in hand. In addition to your mortgage payments, you’ll need to budget for other expenses, like property taxes and homeowners insurance. NerdWallet’s free homeownership cost calculator can help you estimate these monthly bills.

Breaking down the monthly costs of homeownership

Owning a home comes with two main types of ongoing expenses:

• ⚡️ Utilities: Services that keep your household running. 

• 🏠 Property Ownership Costs: Fees tied to your legal and financial responsibilities as a homeowner. 

Utilities

Utility costs fluctuate throughout the year. For example, you might spend more on electricity in the summer, while your gas bill could inflate during winter.

The latest U.S. Census data (2023) shows that the average monthly utility bills for homeowners include:

• 🔌 Electricity: $172

• 🚰 Water: $73

• 🔥 Gas: $102

• 🗑️ Trash removal: $48

Borrowers also spent an average of $50 per month for sewer service in 2023, according to data from the Water & Health Advisory Council.

Of all your utilities, you’ll have the most opportunity to shop around with media providers. According to Review.org’s State of Consumer Media Spending in 2024 Report, customers spend an average of $273 per month on combined internet, phone, cable and streaming expenses.

Property ownership costs

These include the monthly fees that you pay to mortgage lenders, government agencies, insurers and homeowners’ associations.

In February 2025, the average monthly mortgage payment was $2,125, according to the National Association of Realtors (NAR).

The latest U.S. Census data shows that homeowners spend a monthly average of:

• 💰 $368 for property taxes 

• 🏘️ $243 for homeowners association (HOA) fees

And a 2025 analysis from NerdWallet’s insurance team found that homeowners insurance cost an average of $176 per month.

» MORE: How much house can you afford? Calculate your budget here