understand escrow payments
The true cost of a mortgage will include monthly escrow payments for taxes, insurance and other related fees. Homeowners will often omit these monthly fees when calculating how much they will pay each month.
Estimate the fees that will be added monthly to your overall mortgage repayment plan:
Private Mortgage Insurance (PMI) is required for all home buyers who do not have at least 20% or more for the home purchase. The monthly insurance premium will be added to your total monthly cost.