The real costs of homeownership
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