What's the additional cost that needs to be figured into a home loan other than then actual payment?

Question by Will: What's the additional cost that needs to be figured into a home loan other than then actual payment?
The mortgage company said they would give me a 7% interest rate, not bad considering my credit is shot. So I punch that into a amortization calculator and get a payment on a $ 75,000 house at $ 498.98. Yet, the broker said my payment would be about $ 705. What else are they figuring in to the payment?
What formula or numbers are the lenders using to give me the rough

Loans Bad Credit Loans