If I read this correctly, the $60/mo includes the software pricing and installation. A new Xenforo install with all the bells/whistles/etc is $395 for the first year, renewals are $95/year....divide your first year by 12, so roughly half of your monthly cost is in software, half in server/support.
$720 for year one hosting when it includes $395 of included software/installation doesn't suck. For year two, if your foray into forums is successful, move to your own hosting solution, or enjoy the ease of auto-updates, lack of server admin/management headaches, and traffic growth and accept that the year-two added costs are well worth your first year successes.