5.4 Total costs of a mortgage

In this section:


A couple looks at the cost of buying a home in addition to the purchase price.

When you're planning to buy a home, don't forget that there's more to it than just the purchase price. Not only are there the many costs associated with buying, financing and transferring a home, but there are also the costs of setting up a new residence and the ongoing costs of running a household. To be able to enjoy your home, you have to be able to manage the total costs comfortably. This module will help you plan for the total costs of a new home and mortgage.

You will explore:

  • the costs of buying and maintaining a home in addition to the costs of a mortgage
  • how to protect your finances with mortgage insurance
  • what you need to think about before buying a home and taking on a mortgage.

You'll use a worksheet to plan for the full costs of buying a new home with a mortgage loan. You'll answer the questions you need to ask yourself before taking on a mortgage, and the questions to ask a mortgage lender. By the time you finish this section, you'll be able to plan for the costs of a mortgage and choose one that best suits your needs.

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