Chase Mortgage Guide

The real costs of homeownership

By Chase | Published: Nov 13, 2013

Your mortgage payment is just one homebuying expense. 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.

You will have a variety of expenses during the mortgage application process, when you "close" on the house and once you have finally moved into your new home. These expenses will vary based on the area of the country and the size and type of home. Some are one-time fees and others are monthly expenses. The table below describes some of the fees and expenses you will incur.

  • Before you buy

    Homeownership Expenses What How Often
    Before you buy Credit Report One-Time fee
    Home Appraisal One-Time fee
    Home Inspection One-Time fee
    Termite Inspection One-Time fee
    During the process Origination Fee One-Time fee
    Closing Costs One-Time fee
    Title Insurance One-Time fee
    After you buy Property Taxes Monthly
    Private Mortgage Insurance Monthly
    Homeowner's Insurance Monthly/Annual
    Homeowner's Association Dues Monthly
    Maintenance & Repairs Ongoing
    Lawn Care / Landscaping Monthly
    Utility (Water, Gas, Internet, etc) Monthly

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