Buying Your First House? Don't Forget to Factor in All the Costs.

So, you've gotten your financial situation in order and are ready to buy a house. Do you know how much house your monthly budget can handle?

You've probably used a mortgage calculator to get an idea of the price range in which you should be looking. While that might give you a very rough idea of the homes you should consider, it shouldn't be the only budgeting you do. In addition to your down payment, there are other expenses to consider, both at closing and after your moving truck pulls up, including:

• The upfront cost of a home inspection ($300 to $400)
• Closing costs, including appraisal, loan, title and lender fees. The average closing cost on a $200,000 mortgage is $3,754, according to Bankrate's annual survey of closing costs.
• Monthly homeowners-association fees.
• Moving costs.
• Maintenance costs; credit counselors suggest putting aside 1% of your home's value annually to make needed repairs.
• Higher utility costs.
• The bigger gas, electric or water bills that come with a home rather than an apartment. You may want to call the local utility service before you buy to get an idea of what the average bill is in your area.

Other expenses that buyers don't remember to budget for are things such as curtains or blinds for their new house, a lawn mower, garage shelving and new appliances if the ones in the home are on their last legs.

It's important to be realistic about what you can afford each month and still maintain the lifestyle you want, complete with vacations, piano lessons and the occasional dinner out.

Get preapproved for a mortgage before you start shopping for a home. But just because you're approved for a certain amount, don't think you necessarily should spend that much. Banks will often qualify you for more than you should get.

Fannie Mae advises that buyers spend no more than 28% of their gross income on a mortgage payment and no more than 32% on total housing costs, including mortgage, insurance, property taxes and private mortgage insurance (PMI), which is required if your down payment is less than 20%.

So be house proud, and not house poor, by setting a realistic budget and sticking to it.