Kyle rents a house for $680 a month; he could buy the house for $80,000. If he buys the house, the down payment is 25%, which he would withdraw from a savings account where it earns 5.5% interest. He estimates other home ownership expenses to be $8,000 a year, and that he would save $1,720 in income taxes. What would the gross cost of owning the house for one year be?