The variables, they are many
Of course, the above figures represent a relatively frugal, bare-bones or "essentials" budget. Other variable costs, such as entertainment, having a pet or buying a new couch all have to come out of whatever discretionary money is left, so realistically, cash outflow probably would be higher. And this scenario assumes you're not trying to invest, save or amortize the mortgage, as well. It assumes a 30-year mortgage because, even though you'll end up paying more over the life of the loan, the longer term length yields lower monthly mortgage payments, thereby giving you more flexibility in other budget areas. If you were to run the same scenario with a 15-year mortgage, your loan payments would be much higher at $1,770.44 per month. You'd pay $5,862.94 per month ($70,355.28 annually) for all your bills in that case, or $630.17 more per month than the 30-year mortgage, or $1,475.94 more per month compared to renting.
You also need to consider your lifestyle preferences. For example, you'll have costs that generally aren't counted in maintenance for the house itself, such as lawn care. Those types of expenses can vary considerably based on whether you do the job yourself or hire someone. And you might want to make changes to the home that can add to your budget, such as adding a porch, painting or doing some landscaping.
Additionally, think about how the home will perform over time. As you approach the end of your mortgage, repair and maintenance expenses likely will increase. For example, in the first few years of homeownership, most of what is in your home should be in great condition, assuming the home is new. You thus shouldn't have to put a ton of money into the property. But around the 10-year mark, appliances and other features of your home, such as your water heater, likely will start to need work or replacement. It can be wise to set extra money aside right from the start in anticipation of this snowball effect.
Lastly, remember that budgets often need some adjustment. For example, in the above scenario, you're assuming a family of four. But what if another mini-you comes along and makes five? Or maybe you find a way to economize down to just one vehicle. Will you really need to spend $900 in groceries once the kids are in college? And what about inflation? If you retire during the life of the mortgage, will your income from a pension or other sources be higher or lower than when you started?