To calculate the true cost of the home, we need to consider all the costs mentioned: the mortgage payments, homeowners insurance, property taxes, and maintenance costs.

1. Mortgage Payments:
The mortgage payment is $2,677.99 per month. Over a 30 year period, this amounts to $2,677.99 * 12 months/year * 30 years = $964,077.20

2. Homeowners Insurance:
The homeowners insurance is $824 per year. Over a 30 year period, this amounts to $824/year * 30 years = $24,720

3. Property Taxes:
The property taxes are 1.03% of the home's purchase price per year. Over a 30 year period, this amounts to $383,000 * 1.03/100 * 30 years = $118,170

4. Maintenance Costs:
The maintenance costs are 1% of the home's purchase price per year. Over a 30 year period, this amounts to $383,000 * 1/100 * 30 years = $114,900

Adding all these costs together, the true cost of the home over a 30 year period is $964,077.20 (mortgage) + $24,720 (insurance) + $118,170 (property taxes) + $114,900 (maintenance) = $1,221,867.20.

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To calculate the true cost of the home, we need to consider all the costs mentioned: the mortgage payments, homeowners insurance, property taxes, and maintenance costs.

1. Mortgage Payments: 
   The mortgage payment is $2,677.99 per month. Over a 30 year period, this amounts to $2,677.99 * 12 months/year * 30 years = $964,077.20

2. Homeowners Insurance: 
   The homeowners insurance is $824 per year. Over a 30 year period, this amounts to $824/year * 30 years = $24,720

3. Property Taxes: 
   The property taxes are 1.03% of the home's purchase price per year. Over a 30 year period, this amounts to $383,000 * 1.03/100 * 30 years = $118,170

4. Maintenance Costs: 
   The maintenance costs are 1% of the home's purchase price per year. Over a 30 year period, this amounts to $383,000 * 1/100 * 30 years = $114,900

Adding all these costs together, the true cost of the home over a 30 year period is $964,077.20 (mortgage) + $24,720 (insurance) + $118,170 (property taxes) + $114,900 (maintenance) = $1,221,867.20.

Knowee AI · Accepted Answer

To calculate the true cost of the home, we need to consider all the costs mentioned: the mortgage payments, homeowners insurance, property taxes, and maintenance costs.

1. Mortgage Payments: 
   The mortgage payment is $2,677.99 per month. Over a 30 year period, this amounts to $2,677.99 * 12 months/year * 30 years = $964,077.20

2. Homeowners Insurance: 
   The homeowners insurance is $824 per year. Over a 30 year period, this amounts to $824/year * 30 years = $24,720

3. Property Taxes: 
   The property taxes are 1.03% of the home's purchase price per year. Over a 30 year period, this amounts to $383,000 * 1.03/100 * 30 years = $118,170

4. Maintenance Costs: 
   The maintenance costs are 1% of the home's purchase price per year. Over a 30 year period, this amounts to $383,000 * 1/100 * 30 years = $114,900

Adding all these costs together, the true cost of the home over a 30 year period is $964,077.20 (mortgage) + $24,720 (insurance) + $118,170 (property taxes) + $114,900 (maintenance) = $1,221,867.20.

Using homeowners insurance of $824 per year, property taxes of 1.03% per year, and the annual 1% of the home's purchase price for maintenance, what is the true cost of a $383,000 home with a 30 year mortgage payment of $2,677.99 per month?

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