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30Y in 30D • Y16: The Total Cost of Ownership of Your House
Potential risks — costs that catch new homeowners by surprise. How much does your house really cost? Hint: it’s not just the sales price.
Related and recent articles
(Full list of “30 Years in 30 Days” Series articles at bottom of this page.)
• 30Y in 30D, Y15: Simple Question, Complex Answer — The True Purchase Price of Your Home
• 30Y in 30D, Y14: What Kind of People Are Getting Loans for Houses Right Now?
• 30Y in 30D, Y11: Dream Home or Financial Freedom? Rethinking the True Cost of Stretching
• 30Y in 30D • Year 10: A Tale of Two Eras — Home Buying in 1972 and 2023
• 30Y in 30D • Year 3: Early Extra Payments Are Magical
• Kickstarting “30 Years in 30 Days” — Decades of Mortgage Wisdom in 1 Month
• It’s Open Enrollment Season for Medicare Advantage Which Means It’s Open Hunting Season on Senior Citizens
• Has U.S. Healthcare Really Become a Mob Protection Racket?
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Introduction
In the previous article, we looked at the “The True Purchase Price of Your Home.”
The Total Cost of Ownership of a House is different.
The “True Cost of Purchasing a House” is part of the “Total Cost of Ownership.”
But only a part.
The Total Cost of Ownership of a house goes beyond just the purchase price of your house.
Quick exercise for today
The median purchase price of a house in Cincinnati, Ohio is $235,000. If a homebuyer gets a 30-year, 8% fixed-rate mortgage for the full $235,000, what is your best guess for the “total 30-year cost” of that house?
