SuperCalc

First Time Home Buyer Calculator

Calculate affordability, down payment requirements, and monthly payments for first-time home buyers. Includes FHA, VA, USDA, and conventional loan options with assistance programs.

Income & Home Price

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Car loans, credit cards, student loans, etc.

Loan Details

Min down payment: 3.5%

3.5%$10,500 20%
3% 9%

Monthly Costs

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Assistance Programs

✗Needs Adjustment

Monthly Payment Breakdown

Principal & Interest:$1926.05
Property Tax:$300.00
Home Insurance:$150.00
FHA MIP:$205.06
Total Monthly:$2581.11

Debt-to-Income Ratios

Front-End Ratio:41.3% (Max: 31%)
Back-End Ratio:49.3% (Max: 43%)

Cash Needed at Closing

Down Payment:$10,500
Closing Costs:$12,304
Total Cash Needed:$22,804

Quick Tips

  • • FHA requires only 3.5% down with 580+ credit
  • • Save 3-6 months of payments as emergency fund
  • • Get pre-approved before house hunting
  • • Compare multiple lender offers

First-Time Home Buyer Guide

As a first-time home buyer, you have access to several loan programs and assistance options designed to make homeownership more accessible. This calculator helps you understand your purchasing power and identify the best loan type for your situation.

Loan Types Comparison

FHA Loans

  • • 3.5% minimum down payment
  • • Credit score 580+ for 3.5% down
  • • Mortgage Insurance Premium required
  • • More flexible credit requirements

Conventional Loans

  • • 3% minimum for first-time buyers
  • • PMI removable at 20% equity
  • • Better rates with excellent credit
  • • More strict credit requirements

Special Programs

VA Loans

  • • 0% down payment option
  • • No PMI required
  • • For eligible veterans/service members
  • • VA funding fee applies

USDA Loans

  • • 0% down payment
  • • For eligible rural properties
  • • Income limits apply
  • • Low mortgage insurance

Down Payment Assistance Programs

Many states, counties, and cities offer assistance for first-time buyers:

Grant Programs

  • • Free money (no repayment)
  • • Typically 3-5% of purchase price
  • • Income limits may apply
  • • Must be primary residence

Deferred Loans

  • • No payments until sale/refinance
  • • May be forgivable over time
  • • 0% or low interest
  • • Second mortgage structure

First-Time Buyer Checklist

Before Shopping

  1. Check and improve credit score
  2. Save for down payment & closing costs
  3. Research assistance programs
  4. Get pre-approved by multiple lenders
  5. Calculate affordable payment range

During Process

  1. Work with buyer's agent
  2. Get home inspection
  3. Compare loan estimates
  4. Avoid new credit/large purchases
  5. Keep reserves for emergencies

Important Disclaimer

This calculator provides estimates for educational purposes only. Actual loan approval, rates, and terms depend on your complete financial profile, credit history, and lender requirements. Always consult with licensed mortgage professionals and compare multiple offers before making decisions. Assistance program availability varies by location and may have additional requirements.