I just went through all that last year. Something that people usually forget to mention is property and school taxes. Until you have a large portion of the loan paid off, the bank will take care of paying these taxes for you. The collect the payments monthly in an Escrow account. Here in upstate NY the taxes pretty significant. My monthly mortgage payment is only $650/month, but the escrow is another $500. So even though the mortgage is only $650/month, the home actually costs me $1150
My recommendation for you is to save as much as you can for a few years. The more you can pay up front the less you need to borrow. Closing costs can be expensive. These may include lawyer fees, survey costs, mortgage fees, title costs, 1st years insurance, etc. Usually totaling in the thousands of dollars. It will be good practice to squeaze your income too, because the home will end up costing you more than you think it will...
Good luck, at 20 you still have lots of time to buy.
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