Cost of Homeownership

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
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
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