Lots of those online mortgage calculators only include principal and interest and there are a LOT more things that go into a mortgage in the end. When you are deciding on a budget for your new home, you should always consider ALL the factors. Here are some things to research and consider.
1. Insurance - You can't buy a home without it, so make sure to shop wisely for good Homeowner's insurance. Sometimes if you bundle Homeowner's insurance with your car insurance you can get a discount. You might also have to get flood insurance if you are located in a flood zone.
2. Property Taxes - Everyone who owns a home pays property taxes. Some people have to pay both city and parish property taxes so call your Parish Property Assessor to be sure. Local tax rates vary, but your home is typically taxed on it's assessed value. Taxes can add hundreds of dollars onto your mortgage, and the figure might not be the same as your good faith estimate, so make sure you know the exact amount before you sign on the dotted line!
3. PMI - If you don't put 20% down, you will pay Private Mortgage Insurance. The insurance protects the lender if you default on your loan. This amount varies according to how much your mortgage is.
4. Home Owners Association Fees - Some neighborhoods have require HOA's for monthly upkeep of the common areas and shared areas. Some are paid yearly and can be inexpensive, but some are paid monthly and can be quite expensive!
5. Utilities - The size of the house you are moving to is probably different than the one you are leaving, so it's important to find out how much your projected utility costs will be. It's good to call the electric company and ask to average the last 12 months of that homes utility costs. This will be a good way to estimate what this monthly cost will be.
6. Maintenance - All homes require maintenance! Of course sometimes this might not be that expensive, but sometimes a major thing might creep up and you need to be prepared!
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