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Old 11-12-2015, 08:39 AM   #81
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You asked specifically about taxes, insurance, and HOA. We don't have HOA, but taxes + insurance currently accounts for about 1/4 of our mortgage payment. At the moment, getting rid of P&I would facilitate ER or ESR for us due to cash flow*.

*But over time the taxes and insurance will always go up, and our mortgage P&I could go down (refinance, recast, or new mortgage with a longer term). So in 10 years, maybe taxes + insurance would be a much larger fraction of our mortgage payment -- even to the extent that paying off the mortgage would not make a significant cash flow difference in the ER/ESR equation.

This is all academic though, since we plan to have our principal paid off in 4-5 years, for better or worse. At that time, some big ticket home maintenance items will probably be coming due -- roof + HVAC -- which will probably offset the lack of P&I for a year or two.
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Old 11-12-2015, 09:09 PM   #82
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I think 80% loan to value ratio gets you out of PMI. I'd check into that. Could save you a lot of wasted money.
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Old 11-12-2015, 10:10 PM   #83
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I think 80% loan to value ratio gets you out of PMI. I'd check into that. Could save you a lot of wasted money.
Since the house is almost paid off, I'm guessing the insurance mentioned is homeowner's/hazard insurance and not mortgage insurance.
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Old 11-12-2015, 10:32 PM   #84
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2900 s.f. home on 1/4 acre in Placer County, Northern California:

Property tax $12,000
Homeowner's insurance $1,100
HOA $840

Currently appealing our property tax assessment, but no response from Placer County tax assessor in 9 months (despite cashing immediately the check I sent to initiate the appeal process).
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Old 11-13-2015, 02:52 AM   #85
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Really dependant on location and type of property. We have 4 places. The total of property taxes, insurance, and HOA fees (if any) range from .7% of market value(Arizona house) to about 2% of market value for Toronto condo. HOA fees are the big item with the condo but other maintenance items like roof repair, painting, gardening, utilities are large in Arizona. The other places come in at about .8% and 1.3% respectively. I have found that total expenses of real estate upkeep (everything) average about 4-5% per year over our properties. We maintain our places to a pretty high standard. Mortgages not a factor.
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Old 11-13-2015, 07:16 AM   #86
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Since the house is almost paid off, I'm guessing the insurance mentioned is homeowner's/hazard insurance and not mortgage insurance.
I misread the post. I saw P&I and my brain thought PMI. My bad.
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Old 11-13-2015, 07:19 AM   #87
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Location: Fairfield
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Taxes $31,750
Insurance $1,800
House $1,650,000

CT is expensive, oh and I pay $2,200 per year in car tax...
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Old 11-14-2015, 05:01 PM   #88
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utilities are large in Arizona.
Gee, have you been to California? Because of new "regulations" our electric bill will double this month and that's just the beginning. I've been monitoring our usage/cost online all month and there's nothing more we can do to bring the bill down.
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Old 11-14-2015, 06:28 PM   #89
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Morris County, New Jersey- Side by Side duplex
Taxes- $8000
Insurance- $1100
Home market value- $650,000
We live in one side of the duplex. We collect $18,500 rent from other side.
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Old 11-14-2015, 06:59 PM   #90
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North Texas - in the boonies

Couple of acres, 2800 sqft house, paid it off 4 years ago.
Tax assessment value after homestead exemption $275,000

No HOA, thanks goodness
Property Taxes $3750/year, no city taxes just county and ISD
Homeowners Insurance $1700
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Old 11-15-2015, 12:46 AM   #91
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Gee, have you been to California? Because of new "regulations" our electric bill will double this month and that's just the beginning. I've been monitoring our usage/cost online all month and there's nothing more we can do to bring the bill down.
In Arizona electricity useage is pretty high especially in the summer months because of air conditioning use. Also high at our lake house in Ontario in the winter because it is heated with electric furnace.
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Old 11-15-2015, 10:26 AM   #92
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In Arizona electricity useage is pretty high especially in the summer months because of air conditioning use. Also high at our lake house in Ontario in the winter because it is heated with electric furnace.
Thanks for the info. We're considering moving to Arizona.
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Old 11-15-2015, 12:24 PM   #93
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About 1500 sqft on 1/4 acre in MN Lake Country.

Annual expenses:
Tax $710. Paid $80k for the house couple of years ago so tax is about 0.9%.
Natural Gas $610
Electricity $1100
Water $100 (flat fee no meter)
Homeowners Insurance $852
Repairs last 12 mo $473.

We live in semi-rural area with public water and sewer. Less than 30 minute drive to two good hospitals and decent shopping. Public schools are average or below, but affordable private schools are a good option here. Cost of living and safety of this area are hard to beat.
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Old 11-15-2015, 03:47 PM   #94
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1000 square feet on 1.6 acres in cold Winnipeg. House value ~ $340,000. Annual costs:

$2200 property tax
$840 insurance
$400 gas heat
$600 electric
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Old 11-17-2015, 09:24 AM   #95
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Prior to downsizing:

Taxes $6000
Insurance $2000
Utilties (heat, water, elec) $3000.

no HOA. $4000 budget for mtce, repairs, etc.

After downsizing:

Rent $21600 ($1800/mo)
Utilities: $700
Insurance: $250.
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Old 11-17-2015, 01:28 PM   #96
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I don't have th details readily available but our property taxes are about $7k a year and insurance probably about $700 or so.

Sent from my KFJWI using Tapatalk HD

I see many figures like yours PB, and they mystify me. Almost 4x the property tax I pay and yet 20% less in insurance. I know darn well your house has considerably more value than mine. I live right next to a fire hydrant too. Insurance companies have to be over-milking me for "tornado threat". Im over 50 years old lived in same state my entire life and have never seen a tornado.


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Old 11-18-2015, 06:12 AM   #97
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In Arizona electricity useage is pretty high especially in the summer months because of air conditioning use. Also high at our lake house in Ontario in the winter because it is heated with electric furnace.
Arizona is a big state and it depends where you live, that's true if you live in the Phoenix area. I live in the Arizona high desert and able to get by with an evaporative cooler, my average monthly electric bill is around $50.
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Old 11-18-2015, 06:23 AM   #98
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2% taxes
1-1.5% utilities
0.5% normal maintenance
1% major repair/ upgrades
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Old 11-18-2015, 07:07 AM   #99
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Arizona is a big state and it depends where you live, that's true if you live in the Phoenix area. I live in the Arizona high desert and able to get by with an evaporative cooler, my average monthly electric bill is around $50.
Agree. I should have been more specific, Phoenix area. My average electric bill for last 12 months was $522 per month. Very expensive especially since we were only there for part of the year. Our lake house was even higher at $670 per month. Awful!!
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