Budgeting Costs of Homeownership
Intelligent Comparison
Most platforms show mortgage costs, but ignore key expenses. This leads to first-time buyers often underestimating costs by 20-50%. When we asked Reddit about unexpected homeownership costs, 600k people engaged. The biggest issues were the ongoing and increasing costs: property tax reassessments, insurance premium increases, unexpected repairs and location risk factors.
Many platforms push big loans, but approval ≠ affordability. And others promise actionable rates, but sell your data as lead generators. At incomp, we focus on transparency and privacy—built by and for Millennials and Gen Z.
What listing platforms typically show
Mortgage Payment
Taxes, Insurance & HOA (if listed)
What incomp considers
Property Taxes – Subject to reassesment that we'll model over time based on location.
PMI (Private Mortgage Insurance) – Adjusted dynamically based on down payment and credit score.
Closing Costs – Customized based on historical averages by location.
Upfront Cash Needs – Earnest money, inspection fees, and escrow prepayments.
Moving Costs – Customized based on distance of the move and size of the home.
Upkeep and Reserves – Regular maintenance plus a monthly savings reserve for big-ticket repairs in the future, taking into account home type, age, size, location, climate, and more.
Utilities – Estimated based on home size, location and climate with built-in inflation estimates.
Additional Insurance – Flood, fire, and other coverage based on location risks.
Tax Deductions – Potential savings from mortgage interest and property tax deductions if income is provided.
Affordability Recommendations – We use different methods to suggest a minimum net worth and income for a confident purchase.
Why these costs matter
Property Taxes & Insurance – Taxes & insurance can add thousands yearly—especially in high-risk areas. Knowing what deductions apply helps reduce the burden.
Upfront Costs – Unexpected closing costs can derail your budget and delay approval.
Maintenance – Major repairs ($3K-$10K+) happen. Our reserve recommendation is to prepare for those inevitabilities.
Utilities – Large homes or extreme climates can push utility bills into the hundreds per month.
PMI (Private Mortgage Insurance) – A down payment under 20% can add hundreds to your monthly bill.
Savings Buffer – Without one, even minor emergencies—like a plumbing issue or fridge repair—can lead to stress or debt.
Not accounting for these costs doesn’t just strain your budget—it can put your homeownership at risk.
Budget with confidence
Most tools show only part of the picture. Some lenders push bigger loans or reverse mortgages, and listing sites highlight only mortgage payments to keep you browsing.
We do things differently. Our tools break down all the real costs so you can budget smartly, avoid surprises, and make confident decisions. Paste a listing to begin.