You can thank online mortgage calculators for providing you with a misleading monthly figure. As Business Insider previously reported, they only take into account the information you provide and only consider the principal payment and interest payment.
To get a more accurate picture of monthly house-related finances, you’ll also need to take into consideration homeowner’s insurance, property taxes, utilities, and possibly homeowner’s association fees — and that’s not to mention upfront closing costs, which can be up to 5% of the home purchase.
Try using Zillow’s Realestate.com, which has an all-in monthly pricing tool that breaks down all potential monthly expenses.