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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Loan Details
20.0% down payment
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.