The costs no one warns first-time buyers about

The down payment is the number everyone talks about. It’s rarely the number that surprises people.

Before you close

• Closing costs — typically 2–5% of the loan amount, covering appraisal, title, and lender fees.
• Inspection and appraisal fees — paid upfront, regardless of whether the deal closes.
• Earnest money — a good-faith deposit, held in escrow once your offer is accepted.

After you close

• Property taxes and insurance — often rolled into your monthly payment, but the actual amounts can shift after your first assessment.
• HOA dues — if applicable, and easy to underestimate at first glance.
• Maintenance — a good rule of thumb is budgeting 1% of the home’s value per year.

The one that surprises people most

Moving costs, immediate repairs, and furnishing an empty room or two add up faster than expected — and they land in the same month as your first mortgage payment.

None of this should scare you out of buying. It should just be part of the number you plan around, not a surprise you discover at the closing table.