when a person buys a home. is there other stuff to pay?

Thr is also closeing cost that needs to be paid when purchaseing a home as well

If you take out a mortgage from the bank you will of course have a mortgage payment too and many banks have a mandatory home insurance you must have on the house until your mortgage is paid off (then ofcourse you should still have insurance but it is your choice). There is also property taxes (which can be a couple thousand a year depending on where you live )And then of course you have your water, hydro, gas.

Well first off if your looking at buying a house for the first time I HIGHLY recommend taking a first time home buyer class. The local community college offered one for me, and I was required to take it since I did a USDA Rural Development loan for my house. But I am SO glad I did take the class. I learned more in that 8hr class than I ever thought possible. And not just about owning a home, but about how credit works, some general thing about finances. If you have a community college ask if they offer one, if not mine was sponsored through Community Action Partnerships, and some other local organizations. Ask around and see if you can find a class like it. You will find answers to questions you didn’t even know you had!!!

But any ways… When you actually buy the house there are some other fees involved. Closing fees to the title company. Some banks require you have a home inspection done. Also, depending on the loan you may need a down payment, which is usually a % of the amount of the loan. Most loans for homes aren’t 100% financed loans. Also if you use a Realtor, they take about 3% of the cost of the home as their fee. You don’t really see this as its just tacked onto the cost of the house, but if you use a Realtor and so does the seller, the price of the house gets marked up about 6%.

Once you actually own the place you have your property taxes & home owners insurance. But most of the time the way your monthly payment for your house is setup - you pay part of the taxes & insurance monthly. The money for your taxes and insurance go into separate accounts and are paid out at the correct times.

Then of course you have your monthly utilities (gas, electric, water) plus phone, cable or internet you want to get. Also if your house is in an area that has a Home Owners Association (HOA) you have their monthly/yearly dues. And any maintenance to the property comes out of your pocket.