Home Purchase • Purchase price: $284,900 • Down payment: $56,980 • Mortgage loan: $227,920 • Mortgage interest rate: 6.66 • Mortgage term: 30 years Annual Costs • Property tax: $366 • Homeowners insurance: $100 • Upkeep and repairs: $200 • Utilities: $350 Total Annual Cost of Homeownership • Mortgage payment: $23,172 • Property tax: $4,392 • Homeowners insurance: $1,200 • Upkeep and Repairs: $1,800 • Utilities: $4,200 Grand Total: $34,764 Rental • Monthly rent for a comparable apartment: $2,100 • Annual rent: $25,200 Comparison The figures show that the down payment plus the additional costs to own a home result in higher upfront costs when buying a home.