First-Time Home Buyer Calculator - Your Guide to Homeownership
First-time home buyer? Calculate your mortgage payments, down payment, and closing costs. Get personalized guidance and make informed decisions for your first home purchase.
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Calculate your monthly mortgage payments, total interest, and view your complete amortization schedule. No signup required - get instant results.
Loan Details
20.0% down payment
Monthly Payment
$1,878
Principal & Interest
$1,478
Total Interest
$291,980
Loan Amount
$240,000
Payment Breakdown
Loan Summary
Amortization Chart
This chart shows how your payments are split between principal and interest over the life of your loan.
Early payments are mostly interest, while later payments are mostly principal.
Amortization Schedule
Showing payments 1 to 12 of 360
| Payment # | Payment | Principal | Interest | Remaining Balance | Total Interest | Total Principal |
|---|---|---|---|---|---|---|
| 1 | $1,478 | $228 | $1,250 | $239,772 | $1,250 | $228 |
| 2 | $1,478 | $229 | $1,249 | $239,543 | $2,499 | $457 |
| 3 | $1,478 | $230 | $1,248 | $239,313 | $3,746 | $687 |
| 4 | $1,478 | $231 | $1,246 | $239,082 | $4,993 | $918 |
| 5 | $1,478 | $233 | $1,245 | $238,849 | $6,238 | $1,151 |
| 6 | $1,478 | $234 | $1,244 | $238,616 | $7,482 | $1,384 |
| 7 | $1,478 | $235 | $1,243 | $238,381 | $8,725 | $1,619 |
| 8 | $1,478 | $236 | $1,242 | $238,145 | $9,966 | $1,855 |
| 9 | $1,478 | $237 | $1,240 | $237,907 | $11,207 | $2,093 |
| 10 | $1,478 | $239 | $1,239 | $237,669 | $12,446 | $2,331 |
| 11 | $1,478 | $240 | $1,238 | $237,429 | $13,684 | $2,571 |
| 12 | $1,478 | $241 | $1,237 | $237,188 | $14,920 | $2,812 |
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Mortgage Tips
- • Aim for 20% down payment to avoid PMI
- • Compare rates from multiple lenders
- • Consider shorter loan terms for lower interest
Next Steps
- • Get pre-approved for a mortgage
- • Check your credit score
- • Gather required documentation
First-Time Home Buyer Checklist
Before You Start Looking
- ✓Check your credit score and improve if needed
- ✓Save for down payment (3-20% typically)
- ✓Build emergency fund (3-6 months expenses)
- ✓Get pre-approved for a mortgage
- ✓Research first-time buyer programs
During the Process
- ✓Find a trusted real estate agent
- ✓Get home inspection
- ✓Shop for homeowners insurance
- ✓Review closing costs
- ✓Plan for moving expenses
First-Time Home Buyer Programs
FHA Loans
- • 3.5% down payment minimum
- • Lower credit score requirements
- • Government-backed
- • PMI required
VA Loans
- • 0% down payment
- • No PMI required
- • For veterans and active military
- • Lower interest rates
USDA Loans
- • 0% down payment
- • Rural and suburban areas
- • Income limits apply
- • No PMI required
Down Payment Guide
Down Payment Options
Conventional Loans
5-20% down payment required
FHA Loans
3.5% minimum down payment
VA/USDA Loans
0% down payment
Down Payment Sources
- ✓Personal savings
- ✓Gift from family
- ✓Down payment assistance programs
- ✓Retirement account withdrawal
- ✓Tax refunds
Understanding Closing Costs
Typical Closing Costs (2-5% of loan)
Tips to Reduce Closing Costs
- ✓Shop around for lenders
- ✓Negotiate with seller to pay some costs
- ✓Look for first-time buyer programs
- ✓Compare title insurance quotes
- ✓Ask about lender credits
First-Time Home Buyer FAQ
How much should I save for a down payment?
Aim for 20% to avoid PMI, but you can buy with as little as 3.5% with FHA loans. Consider your monthly payment comfort level and other expenses.
What credit score do I need?
Conventional loans typically require 620+, FHA loans accept 580+, and VA loans have more flexible requirements. Higher scores get better rates.
How much house can I afford?
Generally, your total monthly housing costs shouldn't exceed 28% of your gross monthly income, and total debt payments shouldn't exceed 36%.
Should I get pre-approved before house hunting?
Yes! Pre-approval shows sellers you're serious and helps you understand your budget. It also speeds up the buying process once you find a home.