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Monthly housing expenses worksheet

Monthly housing expenses worksheet


Monthly housing expenses worksheet 

One-time expenses
Estimated amount
Before moving in
 
Down payment
 
Closing costs (budget for 1.5% to 4% of the purchase price of the home):
 
    • legal fees (or notary in Quebec)
 
    • land registration fees (also called land transfer taxes)
 
    • township/municipal levies
 
    • mortgage default insurance premium (if not included in payments)
 
    • PST on mortgage default insurance premium
 
    • appraisal fee
 
    • home inspection fee
 
    • title insurance fee
 
    • property tax and utility adjustments
 
    • interest adjustments
 
    • survey or Certificate of Location
 
    • water and septic tank tests (if applicable)
 
    • deposits to builders (if applicable)
 
Moving expenses/storage expenses
 
Other expenses: ________________________
 
Shortly after moving in
 
Hook-up costs (cable, satellite, phone, Internet)
 
Basic furniture/appliances/window coverings
 
Other expenses: ________________________
 
TOTAL one-time costs
 
Subtract amount of money already saved
 -
Balance to be saved
 
Divide by the number of months before your home purchase
 ÷
Monthly savings target for budget
 =
Ongoing expenses
Estimated monthly amount
Regular expenses
 
Mortgage payments
 
Mortgage default insurance (if required and not included in mortgage payments)
 
Optional—mortgage life, disability or critical illness insurance (if not included in mortgage payments)
 
Home/property insurance
 
Utilities:
    • heat/electricity
    • water/sewer
 
Telephone/Internet
 
Cable/satellite
 
Property taxes (if not included in mortgage payments)
 
School taxes (if paid separately from your property taxes)
 
Condominium fees (if applicable)
 
Cleaning supplies/service
 
Repairs/maintenance - (for example, roof repairs, painting, plumbing, etc.); as a general guide, budget 1% to 3% annually of the value of the home, then divide by 12.
 
Other day-to-day expenses: ________________________
 
Occasional expenses (divide yearly costs by 12 for a monthly number)
 
Landscaping/lawn service
 
Snow removal service
 
Additional furniture and appliances
 
Other occasional expenses: ________________________
 
Monthly ongoing expenses (use this total and enter it into your monthly budget)
 
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