Trading up.
If you're like many Americans, you may be selling your home to move into a more desirable one. To you, that might mean more space (for growing kids) or a nicer neighborhood or proximity to an ocean or lake. No matter how you're trading up, it will involve spending more money on housing. For a clearer picture of exactly how much trading up is going to cost you each month, take a look at the following expenses you can expect to pay:

• Your mortgage payment. To figure out how much your new monthly payment will be, click on our Monthly Payment Calculator.

• Utility bills. Whether your costs go up or down depend on the size of your new home (more square footage could cost more to heat) and how energy-efficient it is (newer homes tend to use less energy).

• Furnishings. If you're moving to a larger home, you'll probably have to buy more furniture and accessories to fill it.

• Insurance. Contact your homeowners insurance carrier and find out how much your premium will rise as a result of trading up.

• Taxes. Property taxes are based on the appraisal value of your home determined by the county property appraiser. It varies, so call the county tax appraiser in the area where you're moving and ask about the property tax rate. On the other hand, your income taxes will likely go down because mortgage interest and property taxes can be deducted.

• Maintenance. With bigger, higher priced homes there are more things that need attention. Multiply the sale price of your new home by 1% for an estimate of your annual maintenance costs.

• Homeowners association or condominium fees.