The True Cost of Buying a Home: What to Budget Beyond the Down Payment

When you’re buying your first home, it’s easy to focus only on the down payment, but that’s just one piece of the puzzle. Understanding the full cost of homeownership helps you set a realistic budget and avoid unpleasant surprises.

The good news? Buying a new home at Jubilee can actually help minimize some of these extra costs, thanks to builder incentives, modern energy efficiency, and included warranties. Here’s what to expect beyond your down payment — and why buying smart now can save you money later.

Down Payment: The Starting Point

Your down payment is the initial amount you pay toward your home.

• FHA loans can require as little as 3.5% down

• Conventional loans often require 5–20% down, depending on your credit and whether you want to avoid PMI (private mortgage insurance)

• VA loans may require no down payment at all if you’re eligible

For example: on a $350,000 home at Jubilee, your down payment could be as low as $15,000 with an FHA loan — and monthly payments around $2,189 (not including taxes/insurance, at ~6.8% interest).

But that’s not the whole story.

Closing Costs: 2–5% of Purchase Price

Closing costs cover the fees for processing your mortgage and transferring ownership of the home.
These typically include:

• Lender origination fees

• Title insurance

• Appraisal and inspection fees

• Escrow deposits for taxes & insurance

• Recording fees

For a $350,000 home, closing costs can range from $7,000–$17,500.

Many builders at Jubilee offer closing cost assistance or credits toward these expenses — which could save you thousands.

Moving Expenses

Don’t forget to budget for the actual move. Costs depend on distance and how much help you hire, but plan for $500–$3,000 (or more for cross-country).

Immediate Home Needs

Even in a move-in-ready new home, you might want to budget for:

• Window coverings/blinds

• Appliances (if not included — check with the builder)

• Lawn equipment (if you’re maintaining your own yard)

• Furniture or decor updates

At Jubilee, new homes here often include appliances, and builder upgrades can cover things like blinds and landscaping — ask about available packages.

Ongoing Costs of Homeownership

Once you’re settled, you’ll also have regular costs beyond your mortgage payment:

• Property Taxes & Homeowners Insurance: Often rolled into your monthly mortgage payment

• HOA Fees: Some communities, including Jubilee, have modest fees to maintain amenities and common areas

• Utilities: New homes are typically more energy-efficient, helping keep bills lower

• Maintenance & Repairs: With a new home, repairs are rare at first — and builder warranties cover many issues

Why New Homes at Jubilee Can Save You Money

Here’s how Jubilee helps you keep costs manageable:

• Energy-efficient homes lower utility bills

• Builder warranties reduce repair risk

• Builder incentives can offset closing costs, upgrades, or rate buydowns

• Modern materials and construction mean less immediate maintenance

Take the Next Step

Ready to see how affordable homeownership can really be?
Start by exploring our builder incentives, touring our model homes, and talking to a lender to understand your numbers.

Explore Current Builder Incentives

Or speak to a Jubilee sales representative to start your journey today.