What costs are sometimes overlooked when first-time buyers budget for the home buying process and homeownership? originally appeared on Quora, the place to gain and share knowledge, empowering people to learn from others and better understand the world.

I cannot emphasize this enough – do not just factor in the list price when budgeting for your first home! Beyond your down payment and monthly mortgage payments (including interest!), you’ll also be on the hook to pay closing costs, home insurance, property taxes and potentially an HOA fee.

In terms of a down payment, the good news is you don’t need to put 20% down to secure a good mortgage, in fact, according to the NAR, the median down payment on a home is 13%, and when looking at younger home buyers between the ages of 23 to 41, that percentage drops to 8-10%. Also, that median amount is likely elevated for 2022, given how hypercompetitive the housing market has been these last few years. While putting down as much as 20% can come with some advantages, many lenders and financial institutions offer mortgages with down payments as low as 3% or 5%. There are several FHA loan options that have low down payment requirements – check out HomeReady from Fannie Mae or HomePossible from Freddie Mac. It’s worth calling out that if you put down less than 20%, expect to pay private mortgage insurance (PMI). You’ll pay this until you’ve reached 20% equity in your home and your lender will typically add the cost to your monthly mortgage payment.

Closing costs are what you really need to be mindful of because they can add up fast – they’re fees you pay when you close on your mortgage, and the cost typically ranges anywhere from 2% to 7% of the home price. While these costs are often split between the buyer and seller, it's common for the buyer to pay the majority. Common closing costs include appraisal fees, a home inspection fee, a document preparation fee (although, this typically costs no more than $100), loan origination fees, and title fees. If you have your eye on a home and want to know how much you’ll pay in closing costs, Credit Karma’s free closing cost calculator makes it easy for you to estimate how much you can expect to pay.

You might not live in a community that requires you to join a homeowners’ association which typically entails spending a few hundred dollars each month, but those aren’t the only ongoing costs associated with owning a home. Beyond the interest you’ll pay on your mortgage, property taxes and private mortgage insurance are recurring fees you should prepare for.

Property taxes are typically set at a local level and are often paid annually. While they’ve been around forever, buyers should pay extra close attention to how they might impact their home buying budget, and that’s because of how much home values have climbed these past few years. States, cities, and even counties have differences in the way that they adjust property tax rates when a home value changes.

And finally, when it comes to budgeting for homeownership, don’t forget ongoing maintenance costs. Beyond things like yard upkeep, pest prevention, and house cleaning, depending on the age and condition of the home, you might get hit at some point with costly home repair whether that be roof repair, replacing a hot water heater, or repairing a heating/AC unit. This brings up another important expense – homeowners insurance. Make sure you understand what’s included in your coverage so you’re not in for any surprises when something goes wrong. For instance, issues like termites, mold and general wear and tear are typically not covered by standard coverage.

This question originally appeared on Quora.

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