Can a home loan affordability calculator estimate property taxes and insurance costs?

A home loan affordability calculator is designed to estimate the total property cost you can afford and how much house loan you are eligible for based on your income, down payment, interest rate, loan terms, and other loans you have.

To determine your actual property tax and insurance costs, you need to do additional research on tax rates in your desired area and quotes for home insurance. A general affordability calculator cannot accurately estimate these costs since they vary greatly depending on location and other individual factors.

Gather specifics on property tax rates in your desired area and get home insurance quotes for the details of your home.

This extra information will help you understand the potential actual costs of taxes and insurance for your situation. While the calculator gives a rough baseline estimate, researching your tax rates and insurance specifics will ensure you have the most accurate view of total affordability before committing to a home purchase. It's an important extra step.