When budgeting for the purchase of a home there are many factors to consider:

 The total monthly payment that consists of Principal + Interest + Taxes + Hazard Insurance. There may also be a PMI or MIP and Homeowners' Association Fee.

 

Other factors to consider:

• Utilities: Heat, electricity, water and sewer, phone (land/cell), cable television, Internet.

• Fee for trash collection and recycling

• Food/entertainment: Dining in and out, movies, hobbies.

• Children: Day care, tuition, lunch money, supplies, clothing, sports gear.

• Health costs: Braces, eyeglasses, medicine.

• Debt: Credit-card payments, car/student loans.

• Maintenance and decoration: Furnishings and appliances, landscaping.

• Job expenses: Transportation (gasoline or transit costs), auto maintenance.