If you’re wondering how to buy a house for the first time, you might also be wondering how much money you’ll need and what your budget should be. In addition to budgeting for your potential monthly mortgage payments (and what this will be with taxes, utilities, insurance, fees, etc.), there are other things to take into consideration when figuring out your budget. You’ll need to consider your potential down payment, closing costs (and a cushion once these are paid), renovation costs (if needed), moving costs, and new furniture/appliance costs.