Question

You are thinking about buying a house. You find one you like that costs $200,000. You learnthat your bank will give you a mortgage for $160,000 and that you would have to use all of yoursavings to make the down payment of $40,000. You calculate that the mortgage payments, propertytaxes, insurance, maintenance, and utilities would total $950 per month. Is $950 the cost of owningthe house? What important factor(s) have you left out of your calculation of the cost of ownership?

Answer 1

The answer to this point is 950 per month for each house