Molly's Money: Buying a House: The basics of the mortgage


  1. Molly, this post was so helpful! My husband and I have gradually started to discuss the possibility of us buying a house in the next few years. We are kind of dumb about all this stuff, so a lot (most? ALL?) of what you wrote was new and so useful! I’ll be keeping this post in mind for our future reference – thank you!!

  2. Great post Molly!! Just add the taxes and Insurance payout and they will be set to go. Also, not all Mortgage companies will set up Escrow accounts for taxes and insurance and they add to the monthly output. Plus any additional HOA fees.

  3. Good job explaining it! But don’t forget to tell people that your mortgage isn’t going to be the final monthly amount your paying. Some people don’t realize that and go in thinking you can buy a more expensive house! Plus you’ve got to look out for Community Development fees (though that just may be an annoying FL thing)
    We are buying a house today after months of analyzing and crunching numbers and looking at houses. Kind of exciting!

  4. Owning a home some day is one of my big dreams and I’m learning a lot from this series so I really appreciate it. I love the idea of building equity in my home rather than (basically) losing money on rent. The hard part for me is figuring out where I want that house to be – too bad you can’t just tell me that!

  5. Make sure to consider taxes and fees (HOA, etc) in the monthly payment! Also home maintenance, which can get very expensive depending on the condition of the house when you buy it.

  6. Molly- I love this series you do, especially this post! I am in my 20s looking to buy a house and definitely didn’t understand some of this! I now am going to start saving a lot more just so I can put that 20%down payment!

    You are the best!!


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