Vacation Home Calculator
Complete the information below to determine the monthly cost of owning a vacation home. Uncertain about your monthly vacation home mortgage amount? We’ve got you covered. Simply complete the inputs in our Vacation Home Mortgage Calculator to better understand your monthly mortgage payment based on your expected down payment and other mortgage terms. Be sure to also check out our Can I Afford a Vacation Home Calculator which is a useful affordability tool.
Complete the following:
Input Guidelines for Vacation Home Calculator
If you are having trouble estimating certain inputs, use the following guidelines and general rules of thumb:
- Home insurance: average home insurance in the United States is US$1,250/year and C$960/year in Canada, although rates can vary significantly.
- Property tax: in the United States, nationally the effective property tax rate is 1.1% of the average home value and in Canada the national average of residential property taxes per $1,000 of assessment is $8.98.
- Repairs and maintenance: we have set a default value of 1.5 times the monthly mortgage payment, closely mirroring the general rule of thumb of 1.5 times the monthly rental amount.
- Electricity and heating: these elements can vary significantly based on location and type of property. Check with your realtor or local utility providers for more information.
- Strata, HOA, resort fees etc.: check real estate listings of comparable properties for further insight into these costs.
Cost of Owning a Vacation Home
In order to have a complete picture of ownership costs, read our article here exploring the true cost of owning a vacation home, which covers the following costs:
- Down payment
- Property transfer taxes
- Conveyancing fees
- Furnishing the home
- Mortgage payment
- Property taxes
- Cable and Internet
- Management fees
- Maintenance and repairs
- Ongoing accounting and legal fees
- Strata fees, HOA fees and resort fees
- Vacancy, general excise and other taxes
- Indirect (depreciation, opportunity cost)