Calculating your purchase

Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment, which usually represents between 5% to 25% of the total price of the property. In addition, there are a number of other costs you may be expected to pay, such as landscaping, redecorating, furnishings, appliances and repairs. Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.

Typical One-Time Expenses

Expense When to Pay
Mortgage application and appraisal fee Closing
Property inspection To be arranged
Legal fees Closing
Deed and/or mortgage registration Closing
Property survey To be arranged
Property transfer tax Closing
Adjustments for property taxes Closing
Mortgage insurance Closing
Home and property insurance To be arranged
Connection charges for utilities such as gas, water and electricity Date of move
Moving expenses Date of move


  • Down payments start at 5%

  • The larger the down payment, the more house you can afford

  • “Closing costs” include adjustments to taxes and professional fees

  • Costs are usually paid at the time of closing or contract signing

  • Some costs, such as mortgage insurance, are added to the amortized mortgage amount

  • Ask us about home buyer programs that can increase your down payment amount