14 Personal Finance Facts and Myths: Do You Know the Difference?

WHEN BUYING A HOUSE, THE MORTGAGE IS THE ONLY MONTHLY COST TO CONSIDER.

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“You’re going to have to pay property taxes, you will probably have to pay mortgage insurance, and you’re going to have to set aside a certain amount of money for the things that are going to go wrong,” Mannes says. “You don’t know what they are, but things will go wrong.” Bottom line: When contemplating whether or not you can afford a home, you need to be prepared financially for far more than just a mortgage payment.