First-Time Homebuyer Calculator

Estimate down payment, closing costs, and monthly payment for first-time buyers.
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$

Eligible

Yes

DPA Amount

$20,000.00

Program Details

ProgramCalHFA Dream
Income Limit$180,000.00
Down Payment Assistance$20,000.00
Estimated Loan$380,000.00

Use the First-Time Homebuyer Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.

Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.

How It Works

Our First-Time Homebuyer Calculator helps you estimate how much house you can afford, taking into account your income, debts, and potential down payment. This is crucial for new buyers to set realistic expectations and avoid overextending themselves financially during the home-buying process.

The calculator primarily uses a debt-to-income (DTI) ratio (typically front-end and back-end) to determine affordability. It also considers a desired down payment percentage and estimated monthly housing costs (principal, interest, property taxes, and insurance - PITI) to project a maximum affordable home price.

Don't forget to factor in closing costs and ongoing maintenance, which are often overlooked by first-time buyers. A common mistake is only focusing on the monthly mortgage payment without considering the total financial commitment.

Example: Samantha's First Home

  1. 1 Samantha earns $70,000 annually. She has a student loan payment of $200/month and a car payment of $150/month. She has saved $30,000 for a down payment and is looking for a 30-year fixed mortgage at 6.5% interest. She estimates property taxes and insurance will be $300/month.
  2. 2 The calculator would first determine her maximum allowable monthly housing payment based on her income and existing debts (e.g., using a 28/36 DTI rule). With her $30,000 down payment, it would then work backward from her maximum PITI to estimate the highest home price she can afford at the given interest rate.
  3. 3 Based on these inputs, the calculator estimates Samantha can afford a home up to $320,000, with an estimated monthly mortgage payment (PITI) of approximately $2,100.
  4. 4 Samantha now has a realistic budget range for her home search. She knows that while she might qualify for a higher loan, staying within this budget ensures her monthly housing costs are manageable alongside her other financial obligations.

Source: CFPB — Owning a Home · Last updated: April 2026

Frequently Asked Questions

How much do I need for a down payment as a first-time buyer?
FHA loans require as little as 3.5% down, and conventional loans are available with 3-5% down for first-time buyers. On a $350,000 home, that is $12,250-17,500. Putting down 20% ($70,000) avoids private mortgage insurance but is not required.
What are closing costs for first-time homebuyers?
Closing costs typically total 2-5% of the home price, covering loan origination fees, appraisal, title insurance, attorney fees, prepaid taxes, and insurance. On a $350,000 home, expect $7,000-17,500 in closing costs in addition to your down payment.
What first-time homebuyer programs are available?
Options include FHA loans (3.5% down, lower credit requirements), VA loans (0% down for veterans), USDA loans (0% down in rural areas), state down payment assistance programs, and conventional 97 loans (3% down). Many states offer grants and tax credits for first-time buyers.

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