Mortgage Planning
What Costs to Include in Mortgage Affordability
Use this friendly checklist to make sure your mortgage scenarios feel real: principal and interest, property tax, PMI/LMI, HOA, maintenance, insurance placeholders, utilities, and other debts.
Published: January 1, 2026 · Updated: January 1, 2026 · By FinToolSuite Editorial
Open the stress tester
Add these cost lines, run a scenario, and compare two runs with one change.
Disclaimer
- Educational only. Costs vary by region. No guarantees.
- Examples are illustrative.
- Results depend on your inputs and assumptions.
Checklist
- Principal and interest
- Property tax percent translated to monthly
- PMI/LMI percent and threshold if applicable
- HOA fees
- Maintenance allowance (monthly smoothing)
- Insurance placeholder
- Utilities you must cover
- Other monthly debts (loans, cards, etc.)
Common misses
People often forget maintenance, HOA increases, or PMI/LMI thresholds. Add them before comparing scenarios so the DTI distribution reflects reality.
Illustrative monthly breakdown
Example: $2,000 principal and interest, $350 property tax, $120 PMI/LMI, $150 HOA, $100 maintenance, $80 insurance placeholder, $150 utilities, $300 other debts = $3,250 total before other living costs.
FAQs
Do I include utilities?
Yes, include required utilities you pay directly.
How do I model PMI/LMI?
Enter the percent and threshold. See PMI/LMI explained.
Should I include closing costs?
Include if the tool supports it or note them separately; see closing costs explained.
Where is privacy info?
See Privacy Policy.
Check your costs
Open the mortgage affordability stress tester, add these cost lines, and rerun with one change at a time.