Myth: My mortgage payment is my only expense
Let’s not forget the property taxes. If you have an escrow, it will be added to your monthly payment Or, you have to pay on a yearly basis. Insurance is another expense, added to escrow or pay full yearly. And 3rd one is PMI, Private Mortgage Insurance, when you put less than 20% down payment. Don’t forget about the Homeowners' Association fee, that’s a monthly expense. Additionally, if you have a pool, count that expense too. Let’s budget yourself with all the expenses in addition to principal and interest.