Mortgage Answers / Your Budget & Payment
The Short Answer
Plan for more than the loan payment. Your budget may also include property taxes, insurance, association fees, utilities, repairs and maintenance. Some costs are part of your monthly mortgage bill and some are separate. Count each cost once and keep money for surprises.
Finding and Buying the Right Home. Build a housing budget you can still live with after closing.
Explore Your OptionsSelected costs added together below.
Your mortgage bill
Count separate costs once.
Start with your priority
Explore a goal below. No contact information needed.
Use property-specific expenses to compare the total cost of each home.
Request taxes, insurance quotes and any association dues or special charges.
Estimate utilities and travel based on the home and your routine.
Use inspection findings and local repair estimates to decide how much savings to keep.
Check what it includes before treating it as your total housing budget.
Identify principal and interest, taxes, insurance and any mortgage insurance.
Include association fees, utilities and maintenance that are not in that payment.
Ask what could change later, including taxes, insurance and any temporary payment reduction.
Keep money for uneven expenses rather than budgeting only for a normal month.
Price repairs, appliance needs and moving costs you already expect.
Choose repair savings based on the home's condition and your budget.
Ask whether a large repair or a higher insurance bill would force you to borrow.
More than one path
Tap a card to see what matters.
Request taxes, insurance quotes and any association dues or special charges.
Estimate utilities and travel based on the home and your routine.
Use inspection findings and local repair estimates to decide how much savings to keep.
Identify principal and interest, taxes, insurance and any mortgage insurance.
Include association fees, utilities and maintenance that are not in that payment.
Ask what could change later, including taxes, insurance and any temporary payment reduction.
Principal and interest means repaying the loan plus interest. Example only: $2,000 principal and interest + $350 taxes + $150 homeowners insurance + $100 mortgage insurance + $100 association fee + $300 utilities + $250 repair savings = $3,250 a month. These are chosen examples, not local quotes or average costs.
If your mortgage bill already includes taxes or insurance, do not add them again. Ask which costs are included. Repair savings are money you set aside, not a fixed bill or a guarantee of enough coverage. Add moving costs and known repairs to your upfront plan.
No. The principal-and-interest part may stay fixed, while taxes, insurance and other housing costs can change.
No. Count each expense once. Ask the lender or servicer what is included in the payment.
We were amazed at how quickly Troy closed our home loan. His speedy communication saved us so much time.
Willa Henderson
Fayetteville, NC
We were blown away by how fast and seamless our closing process was with Troy. He locked in a great rate quickly and handled every detail so we could move into our home on schedule!
Yara Mansfield
Show Low, AZ
Troy and his team got us to the closing table in record time. They were super efficient and kept everything moving fast!
Victor Salgado
Boulder, CO
Every buyer's situation is different. Let's find the right path for you.