Your mortgage is just part of the bill. See the true cost of owning a home, from taxes and insurance to upkeep and dues.

The four parts of a mortgage payment

Lenders often describe the monthly payment with four letters: PITI.

• Principal: the part that pays down your loan balance.
• Interest: the cost of borrowing the money.
• Taxes: the property taxes your county, and in some towns your city, charges each year.
• Insurance: homeowners insurance, which most lenders require.

Many lenders collect the taxes and insurance each month and pay those bills for you from an escrow account. That keeps the bills on time, but it also means your monthly payment can change when taxes or insurance premiums go up.

Costs on top of the payment

Several other costs show up after you move in. Here is a simple list to plan around:

The CFPB explains how private mortgage insurance works and when you may be able to remove it.

Local costs worth asking about

Every region has its own extra costs. In Southeast Georgia, ask about these before you make an offer:

1. Air conditioning. Our long, humid summers mean the system runs hard. Budget for yearly service and eventual replacement.
2. Well and septic. Many rural homes are not on city water and sewer. Septic tanks need pumping, and wells need occasional testing and repairs.
3. Flood zones. Look up any address on the FEMA flood map and get an insurance quote early.
4. Propane. Some homes outside town use propane for heat or cooking, which means tank rental or refills.
5. Property taxes. Rates differ from county to county, so compare carefully if you are deciding between areas.

How much to set aside for repairs

There is no exact rule, because repair costs depend on the age and condition of the home. A newer home may need little in the first few years, while an older home may need a roof, an air conditioner, or a water heater sooner. A home inspection and the seller's disclosure can help you estimate what is coming.

A good habit is to put money into a separate repair fund every month, starting the day you move in. Julie's home maintenance checklist lists monthly, seasonal, and yearly tasks that help prevent bigger bills later.

Put it all together

Before you settle on a price range, add up every cost and compare the total with what you pay for housing now. A lender can give you an estimated payment for a real home, and your Loan Estimate will list the loan costs in detail. For a step-by-step budget, read How Much Home Can You Afford in Southeast Georgia.

When you are ready to look, browse homes for sale in 23 counties or compare condos and townhomes, which can come with lower upkeep. Julie's financing page lists lender resources.

Comparing the cost of two homes

Two homes with the same price can have very different monthly costs. One might have higher property taxes because it sits in a different county, while another might need flood insurance or have HOA dues. An older home might need a new roof sooner, while a newer home might come with lower energy bills. When you are choosing between homes, write down every cost for each one side by side, including the estimated payment, taxes, insurance, dues, utilities, and a monthly amount for repairs. That simple comparison often makes the better choice much clearer than the list price alone, and it helps you avoid surprises after you move in.

Search homes in Southeast Georgia

These searches cover all 23 counties Julie serves and update daily.

Homes (all property types)Condos & Townhomes

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Sources

• What is an escrow or impound account? (CFPB)
• What is private mortgage insurance? (CFPB)
• When can I remove PMI? (CFPB)
• FEMA Flood Map Service Center
• Loan Estimate explainer (CFPB)