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On top of your mortgage payment, you also need to account for additional costs of homeownership, including:

• Homeowners Insurance - In Los Angeles, in general, you can estimate between $1,000 - $2,000 per year, depending upon a number of factors including the value, size, location, level of coverage, fire-prone area, etc. Earthquake insurance is a separate cost and policy, and tends to be quite expensive, although not required. Talk to your insurance agent for more information and to get a quote.

• Property Taxes - This will vary depending on the city where you live, but a good estimate in the Los Angeles area is 1.25% of the home purchase price, each year. For example, a $500,000 house would owe approximately $6,250 per year ($500k x .0125 = $6,250) in property taxes. These can be paid once a year, twice a year, or 'impounded' by your lender, where you pay one flat payment to the lender each month that includes the property taxes, homeowners insurance and mortgage for the home.