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I should expect the monthly cost of a house to be about 1% of its full purchase price (this includes mortgage payments, property tax, insurance, maintainence), does this fit with what you have experienced?

It depends greatly on where you live, how much you borrow/put down, what the interest rates are when you buy and what type of mortgage you get.

In Texas, where I live now, the property taxes and insurance are much higher than other places I have lived, but my total costs including minimum mortgage payment, maintenance, taxes and insurance are on the order of .75% or so a month with an 80% mortgage at 6.25%. If you add in utilities, it would definitely go above 1%. Other places, with lower interest rates, lower property taxes and lower insurance, even adding in utilities, it has been around 1%.

If you were to get a 15 year mortgage, the costs would go up.

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