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What Can You 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 actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed in the following table:
| Typical One-time Expenses |
Expense Paid |
| Mortgage Application & 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, deed Tax or Property Purchase Tax |
Closing |
| Mortgage Interest Adjustment and Take Over Fee |
Closing |
| Adjustments for Fuel, Taxes, etc, |
Closing |
| Mortgage Insurance (& 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 (when applicable), property taxes and utilities. Call your Real Estate Professional for the"What you can afford?" worksheet to help you estimate the approximate purchase price of a home you can afford.
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