Some up-front costs include:
Down payment: Typically ranges from 3-20% of
the cost of the house. VA offers 0% down payment for veterans. The more you can put down, the
greater equity you will have in your home and the lower
your monthly payment will be. For down payments less than
20% you may also need to pay mortgage insurance.
Closing Costs: Typically range from 2-6% of the
loan amount depending on your area.
On-going Costs: Your housing costs can include the following: monthly mortgage payment, homeowners insurance, mortgage insurance, flood insurance (if applicable), property taxes (if applicable), utilities, maintenance.