Determine What You Can Afford

Purchasing a home involves one-time costs and monthly expenses.The largest one-time cost is the down payment. lt usually represents between 5% - 25% of the total price of the property. In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed in the following:


Expense

Paid

Mortgage AppLication and Appraisal Fee

At time of application

Property inspection (optional)

At inspection

Legal Fees

Closing

Legal Disbursements

Closing

Property Survey (most of the time provided by seller)

Closing

Land Transfer, Deed Tax or Property Purchase Tax

Closing

Mortgage interest Adjustment and Take Over Fee

Closing

Adjustments for Fuel, Taxes, etc.

Closing

Mortgage Insurance (and Application Fee if applicable)

Closing

Home and Property insurance

Closing and ongoing

Moving Expenses

Date of move



Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.