How much does a $185,000 home cost? It sounds like a trick question, and in a way it is. The true cost of any home depends on numerous factors. In fact, it’s quite possible that two homes that sold for the same price will cost the owners vastly different amounts.

Another month, another payment
You may have heard of PITI, which stands for principal, interest, taxes, and insurance. These are the main monthly cost components you hear about when you purchase a house.

You pay principal and interest toward your mortgage. These amounts vary based on the length of the loan, the interest rate, and whether you have a fixed or variable rate. For example, if you take out a $150,000 30-year loan at 6%, you would pay about $900 in principal and interest each month. If your neighbor financed his $150,000 loan for 15 years at 5.75%, he would pay $1,245 monthly. Of course, he will be building up equity faster in his house and will pay off his mortgage sooner.

Property taxes and homeowner’s insurance — sometimes an afterthought when considering the cost of a home — can represent significant monthly amounts. There’s not much you can do to change your property taxes, but you may find insurance savings by shopping carriers or changing your deductible.

If your property is located in a flood plain, your lender may require you to also get flood insurance. And most lenders will require you to pay private mortgage insurance if you put less than 20% down on your home.

Another monthly cost to consider is homeowner’s association fees. If you pay $120 month, you will shell out about $10,000 more over seven years than you would for a house that is not part of a homeowner’s association. That amount may be worth it to enjoy the swimming pool, playground, security, landscaping, or whatever amenities are provided by the homeowner’s association. Or it may not if the amenities provided by the homeowner’s association do not appeal to you.

Closing costs add up
When you buy a house, you will face many one-time expenses such as an inspection, title insurance, appraisal, loan-application and origination, lawyer’s fees, document preparation, and more. Some of these expenses can be rolled into your loan; others typically require payment up-front.

You likely will find yourself footing the bill for expenses of your own choosing shortly after you move in, too. This happens when you decide the living room could use another armchair, the bedrooms need ceiling fans, you can’t stand the paint color in any of the rooms, and you sure would like a sprinkler system installed before summer.

A more-expensive home that costs less
Repair, maintenance, and operating costs can differ significantly from one similarly priced home to the next. For instance, has the roof or air conditioner seen better days? Do you want to replace the carpet or kitchen appliances or undertake a major remodel before moving in? Will you need to upgrade the wiring? Answer yes to just a few of these questions, and you may actual spend less overall by purchasing a higher-priced home that needs no modifications.

What about utility bills? An energy-efficient home can save you quite a bit over time. You may be able to get previous utility bills directly from the utility company or by asking the current owners for past statements.

Other factors come into play
Don’t forget that you can deduct mortgage interest and property taxes from your federal income taxes, if you itemize. So, though it doesn’t make sense to buy a house with a bigger mortgage or higher taxes to reduce your federal tax liability, you should remember that this benefit of homeownership will offset some additional costs for higher-priced properties.

Finally, the resale value of your home can have an enormous impact on the total cost of your house. How can you know what price a home will fetch in the future? You can’t be certain, but typical predictors of good appreciation include a desirable or flexible floor plan, good schools, and a convenient location.

Keep this long list of variables in mind when looking for a house, so you pay the lowest amount possible no matter the sales price.