Financial Consumer Agency of Canada
www.fcac-acfc.gc.ca
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Consumer Publications - Tip Sheets
MORTGAGES AND LOANS
Buying and Maintaining a Home: Planning Your Housing Budget
This worksheet is designed to help you identify the costs involved in buying and maintaining a home. It will also help you determine how your expenses might change once you move in.
Some costs involved in buying a home, such as closing costs, happen once only, while others like mortgage payments and repairs are ongoing expenses of owning and maintaining a home. Take all of these costs into consideration and include them in your household budget so that you can handle them over the long run.
How to use this worksheet
First, scan all the categories listed in the worksheet. Add any other expenses that you can think of in the rows titled Other expenses. When you have an idea of the size and price of home you are considering, enter the estimated expenses for each category. If you are unsure about how much a certain category of expense is likely to cost, ask friends, family, or a mortgage professional for guidelines on costs in your area.
One-time expenses
Fill out the section titled Estimated one-time expenses.
- Total the one-time expenses.
- Subtract the amount that you have already saved to buy your home.
- Divide that result by the number of months you have to save the remaining money. For example, if you are buying your home in six months, divide the result by six to figure out approximately how much you need to save each month to cover these expenses. Include this monthly amount in your budget for the number of months you identified.
Ongoing expenses
Ongoing expenses
Fill out the section titled Estimated monthly expenses.
- If you identify any annual expenses that only occur once a year, divide them by 12 to get monthly estimates.
- Total the ongoing expenses. Include this total in your monthly budget to help you plan ahead.
If you don't have a budget or would like to learn more about budgeting, see FCAC's budget worksheet, Making a Budget and Sticking to It.
Costs involved in buying and maintaining a home: Worksheet
| One-time expenses | Estimated one-time expenses |
|---|---|
| Before moving in | |
Down payment |
|
Legal fees |
|
Deposits to builders (if applicable) |
|
Real estate fees (if applicable) |
|
Closing costs |
|
Land transfer taxes (if applicable) |
|
Home inspection |
|
Up front mortgage costs — e.g. appraisal fees, default insurance premiums (if not included in mortgage payments) |
|
Moving expenses/storage expenses |
|
Other expenses: ________________________ |
|
Shortly after moving in |
|
Hook-up costs (cable, satellite, phone, Internet) |
|
Basic furniture/appliances/ window coverings |
|
Other expenses: ________________________ |
|
TOTAL one-time costs |
|
| Subtract amount of money already saved | |
| Balance to be saved | |
| Divide by the number of months before your home purchase | |
| Monthly savings target for budget | |
| Ongoing expenses | Estimated monthly expenses |
| Regular expenses | |
Mortgage payments |
|
Mortgage loan (default) insurance (if required and not included in mortgage payments) |
|
Optional - mortgage life/disability insurance (if not included in mortgage payments) |
|
Home/property insurance |
|
Utilities: -Heat/electricity |
|
-Water/sewer |
|
Telephone/Internet |
|
Cable/satellite |
|
Property taxes (if not included in mortgage payments) |
|
School taxes (if paid separately from your property taxes) |
|
Condominium fees (if applicable) |
|
Cleaning supplies/service |
|
Repairs/maintenance – (e.g. roof repairs, painting, plumbing etc…); as a general guide - budget one to three percent annually of the value of the home, then divide by 12, annually for for repairs and maintenance) |
|
Other day-to-day expenses: ________________________ |
|
Occasional expenses (divide by 12 for a monthly number) |
|
Landscaping/lawn service |
|
Snow removal service |
|
Additional furniture and appliances |
|
Other occasional expenses: ________________________ |
|
Monthly ongoing expenses (use this total and enter it into your monthly budget) |
|
