Below we give a simplified relation of costs of living in Jerusalem (as of August 2015). You can use the information to make your own calculation.
An apartment for a small family, i.e. parents with 1-2 children, costs 5000-6000 NIS/month depending on the location. In Nachlaot (walking distance to Givat Ram, close to the market and city center) it varies between 3500-4000NIS/month. In Beit HaKerem (also walking distance from Givat Ram, but in a quieter neighborhood) the cost is between 3700-4600 NIS/month for two rooms, depending on the content inside the apartment. Apartments with single room are cheaper (see Housing section).
Liberman Dormitory costs almost 2000 NIS/month for a single person with all inclusive (rent, bills, taxes, etc).
Health insurance costs around 1.2 USD/day.
Transportation can cost around 56 NIS/10 rides with the Rav-Kav card.
Food cost can be calculated over the table on Eating Places section of Facilities on Campus. You can save money by cooking your own meals, and by buying groceries at the Mahane Yehuda market.