For the median Denver home, $603,800 in the Census ACS 2020–2024 data, bought with 20% down at 6.5% for 30 years, the monthly housing cost is $3,460, not the $3,053 that a mortgage calculator shows. Property tax at Denver’s 0.51% effective rate adds $257 a month, and insurance adds $150 a month on a $1,800-a-year placeholder. For the standard couple used on MoveMath’s metro pages (two adults, a toddler, $110,000), that home leaves $308 a month short once taxes, childcare, food, utilities and gas are paid. See that budget line by line in the relocation budget planner, or price any county in the cost-of-owning-a-home calculator.
What the principal-and-interest payment misses
Most mortgage calculators show only principal and interest. The real monthly bill has more parts:
Property tax. Usually collected into escrow and paid to the county. MoveMath applies the ACS effective rate (median taxes paid ÷ median home value) to the price. See effective property tax rate by county.
Homeowners insurance. Lenders require it, but no official dataset publishes premiums by place. MoveMath treats it as your input, and the $1,800 a year shown here is only a placeholder.
Mortgage insurance. With less than 20% down, conventional lenders usually require private mortgage insurance until you build enough equity. The cost depends on your loan and credit, so get it from your loan estimate. MoveMath does not model it.
Utilities. Renters’ HUD Fair Market Rents include utilities, but owners pay them separately. MoveMath’s owner budgets add the state’s EIA 2025 average electric bill. See average electric bill by state.
Monthly cost of owning the median home in seven metros
Household: two adults, one toddler, $110,000 combined (60/40 split), center-based childcare, two cars. They buy the metro’s ACS 2020–2024 median home with 20% down at 6.5% for 30 years, with $1,800 a year of insurance as a placeholder. Computed with MoveMath’s engine and 2026 tax law.
| Metro | Median home value | Principal + interest | Property tax | Insurance | Total / month | Left over if owning | Left over if renting (2-BR FMR) |
|---|---|---|---|---|---|---|---|
| Houston, TX | $298,000 | $1,507 | $401 | $150 | $2,058 | $2,455 | $3,187 |
| Chicago, IL-IN | $323,000 | $1,633 | $533 | $150 | $2,317 | $1,425 | $1,857 |
| Dallas, TX | $359,500 | $1,818 | $478 | $150 | $2,446 | $1,971 | $2,781 |
| Nashville, TN | $409,600 | $2,071 | $172 | $150 | $2,393 | $2,279 | $3,030 |
| Phoenix, AZ | $440,900 | $2,229 | $162 | $150 | $2,542 | $1,577 | $2,542 |
| Austin, TX | $465,000 | $2,351 | $595 | $150 | $3,096 | $1,295 | $2,746 |
| Denver, CO | $603,800 | $3,053 | $257 | $150 | $3,460 | −$308 | $1,087 |
| Los Angeles, CA | $871,300 | $4,406 | $488 | $150 | $5,044 | −$1,392 | $843 |
“Left over” is after-tax income minus every modeled cost: housing, childcare (NDCP prices, CPI-adjusted), USDA food, utilities for owners, gasoline, sales tax and the other-spending estimate. A negative number means $110,000 does not cover the modeled budget there as an owner. The renting column uses HUD FY2027 2-bedroom Fair Market Rent, the 40th-percentile gross rent including utilities. Owning shows a smaller monthly surplus everywhere in this table. The monthly view does not credit principal paid down, which builds equity. See the Denver owner budget line by line.
Property tax: the biggest variable
Among homes in the $400,000–$470,000 range in the table, property tax runs from $162 a month (Phoenix, 0.44%) to $595 a month (Austin, 1.54%). The rate, not just the price, drives the difference. Texas metros cluster near 1.5%–1.6% (Houston 1.61%, Dallas 1.60%, Austin 1.54%), against 0.50% in Nashville and 0.51% in Denver.
These are medians from 2020–2024 tax bills. Texas raised its school-district homestead exemption to $140,000 in 2025 (Texas Comptroller), after most of that survey period. Check the county appraisal district before you close.
How the mortgage payment is calculated
MoveMath uses the standard fixed-rate amortization formula:
monthly P&I = loan × r ÷ (1 − (1 + r)^(−n))
Here r is the annual rate ÷ 12 and n is the number of payments. For Denver’s $603,800 median, 20% down is $120,760, which leaves a $483,040 loan. At 6.5% for 30 years (360 payments), that is $3,053 a month. The 6.5% rate is only the tool’s default, so enter your own quote. The CFPB’s rate explorer shows current offers by state and credit score.
Homeowners insurance: use your own quote
The $1,800 a year ($150 a month) default is an example, not a data point. Premiums depend on location, including coastal, wildfire, hail and flood exposure, as well as the home’s age and construction, coverage limits and deductible. Get quotes before you budget and enter yours in the cost-of-owning-a-home calculator.
Maintenance: the line most buyers leave out
A common rule of thumb is to set aside 1% of the home’s value a year for maintenance and repairs. It is a planning convention, not an official statistic, and MoveMath does not model it. On a $400,000 home, 1% is $4,000 a year ($333 a month). Adding it to the totals above narrows the gap between owning and renting further.
Renting versus buying after a move
The monthly comparison is only part of the decision. Weigh how long you will stay, the return the down payment could earn elsewhere, and closing costs at both ends. Rent vs buy after a move walks through those trade-offs.
Related pages: Austin cost of living, Los Angeles cost of living, Texas, California.