Determine What You Can Afford
Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property. In addition to the purchase price, there are a number of other expenses that you might be expected to pay for. These are listed on the following table.
| EXPENSE | PAID |
| Mortgage Application and Appraisal Fee | At Time of Application |
| Property Inspection (optional) | At Inspection |
| Legal Fees | Closing |
| Legal Disbursements | Closing |
| Property Survey (Sometimes provided by seller) | Closing |
| Land Transfer Tax, Deed Tax | Closing |
| Mortgage Interest Adjustment | Closing |
| Adjustments for Fuel, Taxes Etc. | Closing |
| Mortgage Insurance and Application Fee if Applicable | Closing |
| Moving Costs | Date of Move |
| Home and Property Insurance | Closing and Ongoing |
| Utility Deposits If Applicable | Closing |
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees (in condos) property taxes, electricity, gas or oil, telephone, cable fees and water & sewer rates. See What You Can Afford worksheet to help you estimate the approximate purchase price of a home you can afford.
