What It Costs to Own a Home

Video Transcript for Hearing Impaired

Few things are as exciting as buying your first home. But before you become a homeowner, it's important to make sure you have a clear understanding of all of your monthly expenses so that you can determine what you can comfortably afford.

Remember, you're the landlord now, and that means you need to cover everything from the town taxes to fixing a leaky roof, including those unexpected emergencies.

Let's put together a budget so you can get a better idea of how a mortgage payment could fit into your overall financial picture when you consider your income, your current debt (like credit cards and auto loans), and your savings.