The real costs of buying a home

The amount you need to buy a home depends on several factors, including:

1. Home Price: The most obvious factor is the price of the home you're interested in. Browsing Zillow is a fun way to get a sense of how much homes cost in the area you are looking. This will vary widely depending on location, size, and type of property.

2. Down Payment: Typically, you'll need to make a down payment, which is a percentage of the home’s price. Conventional loans often require 20%, but some programs and loans (like Federal Housing Association- FHA) allow for lower down payments, sometimes as low as 3% to 5%.

3. Closing Costs: These are additional fees associated with finalizing the purchase, including appraisal fees, title insurance, and loan origination fees. Closing costs usually range from 2% to 5% of the home's price.

4. Monthly Mortgage Payment: This includes the principal and interest on the loan, property taxes, homeowner's insurance, and possibly private mortgage insurance (PMI) if your down payment is less than 20%.

5. Maintenance and Repairs: Once you own the home, you'll need to budget for ongoing maintenance and unexpected repairs.

6. Property Taxes and Homeowners Insurance: These are ongoing costs you'll need to factor into your budget. Again, on Zillow, you can get a sense of taxes for a specific home.