Monthly Expenses

This is how much you spend every month. It can include, but is not limited to, recurring obligations like rent or mortgage payment, utilities, car payments, child support payments, and insurance payments, as well as essentials like food. Most of these obligations will have a fixed due date. Assess your monthly spending with this spending tracker (cfpb.gov/owning-a-home/prepare/a ssess-your-spending/). Mortgage A mortgage is an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you've borrowed.