First-Time Home Buyer Budget Worksheet

A budget is important when buying your first home. It helps to see expected expenses all in one place to plan for what you’ll need from start to finish. This sample Homebuyer Budget Worksheet is a useful tool to track expenses throughout the process; you can download an editable copy here to use for your homebuying journey.  

Keep in mind that this type of budget should be flexible as changes to certain expenses can affect others. For example, if you are planning to use an escrow account to spread out tax payments and insurance expenses, your monthly mortgage budget will be higher than it would be if you are planning on skipping escrow and paying taxes all at once when they are due. Also, a homebuying budget can have a set timeline for upfront costs like the down payment and fees associated with the mortgage process. Your mortgage lender can help with this timeline, filling in exact costs and estimated costs as well as payment due dates, both for before and after the purchase. Be sure to update your worksheet as costs are confirmed.

Sample Homebuyer Budget Worksheet

One-Time ExpensesAmount
Down payment
The payment made to secure your loan; you may see it written as a percentage of the loan
Application fee
Covers work done by the mortgage lender to process your loan application. Paid to the mortgage lender
Appraisal fee
Fee for an estimate of the fair market value of the home
Legal fees
Paid to your real estate attorney for work during the process and closing
Title search and insurance
Costs to research the home’s title and protect it from claims of ownership litigation
Escrow fees
A reserve fund to help cover the first three months of insurance and taxes
Professional review of conditions and recommendations for the home
Closing costs
Costs associated with finalizing the purchase
Monthly ExpensesAmount
Monthly payment; this may include Private Mortgage Insurance (PMI) if your down payment was less than 20% of the total loan
Property and school taxes; options could include:
Escrowed (i.e., monthly payment)
Pay directly in installments
Pay directly-as-due (typically twice/year)
Homeowners Insurance (may be escrowed)
To protect against damages
Water, trash removal, heat/electricity, internet, cable
Home maintenance
Repairs and renovations

There may be expenses not listed here based on your personal financial situation and your unique homebuying experience. The Summit Federal Credit Union Mortgage Team, your realtor and attorneys are all great resources to help estimate and verify costs for your budget worksheet. Contact our Mortgage Team today.