Your mortgage payment is just one of the expenses of buying a home. You’ll face a number of one-time fees, as well as new monthly and annual costs. A realistic budget will help you determine what you can afford.
Homeownership expenses to plan for:
Your expenses will vary based on the area of the country and the size and type of home you purchase. Some are one-time fees and others are monthly expenses. This table describes some of the fees and expenses you can expect to pay.
| Expenses – Before you buy: |
One or more of the following upfront fees may apply:
- Application Fee – one time fee
- Good Faith Deposit –one time fee (credited at closing)
- Home Appraisal – one time fee
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| Expenses – During the process: |
- Credit Report – one-time fee (credited at closing)
- Home Appraisal – one-time fee
- Home Inspection – one-time fee (Typically between $200-$500)
- Termite Inspection – one-time fee
- Origination Fees – one-time fee
- Closing Costs – one-time fee (Typically between 2% and 6%)
- Title Insurance – one-time fee
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| Expenses – After you buy: |
- Property Taxes – Monthly
- Private Mortgage Insurance – Monthly
- Homeowner’s Insurance – Monthly/Annual
- Homeowners Association Dues – Monthly/Annual
- Maintenance & Repairs – Ongoing
- Lawn Care/Landscaping – Monthly
- Utility (Water, Gas, Sewage, etc.) – Monthly
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