Total monthly cost of ownership
Cost to Own a Home in New Franklin, Missouri
A $118,000 home here costs
$1,047per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $607. The real number is $441 higher every month — 73% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
New Franklin against Howard County and Missouri
| Measure | New Franklin | Howard County |
|---|---|---|
| Median home value | $117,700 | $145,300 |
| Median property tax | $1,075 | $1,262 |
| Effective tax rate | 0.913% | 0.869% |
| Median gross rent | $680 | $807 |
| Population | 1,015 | 10,141 |
The weather behind that power bill
New Franklin sits in Howard County, which averages a high of 87.2°F in its hottest month and a low of 18.3°F in its coldest, with 41.48" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,244 cooling and 5,215 heating degree days, which is what sets the $123 electricity line above.
See the full climate breakdown for Howard County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Howard County
Full Howard County cost breakdown · Every county in Missouri
Common questions
How much does it cost to own a home in New Franklin?
A $118,000 home in New Franklin, Missouri costs approximately $1,047 per month with 20% down at 6.66%. That is $607 principal and interest, $90 property tax, $61 homeowners insurance, $191 utilities and $98 set aside for maintenance.
What is the property tax rate in New Franklin?
New Franklin has an effective property tax rate of 0.913%, based on a median home value of $117,700 and median real estate taxes of $1,075. That is higher than the Howard County average of 0.869%.
What is the average home price in New Franklin?
The median owner-occupied home value in New Franklin, Missouri is $117,700, against $145,300 across Howard County.
Is it cheaper to rent or buy in New Franklin?
Median gross rent in New Franklin is $680 a month, against $1,047 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New Franklin — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Missouri.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.