First-Time Buyer Calculator
Find out how much home you can afford based on your income, savings, and credit score.
Your Financial Profile
Monthly: $6,250
Car payments, student loans, credit cards, etc.
For down payment and closing costs
Select your state to see available assistance programs
What You Can Afford
Your Maximum Home Price
$372,000
Based on FHA (3.5% down) with 7% rate
Down Payment
$13,020
3.5% of home price
Est. Monthly Payment
$3,062.71
P&I, taxes, insurance, PMI
Your savings cover the down payment and closing costs!
Compare Loan Options
| Option | Max Price | Cash Needed | Monthly | Status |
|---|---|---|---|---|
| FHA (3.5% down) | $372,000 | $24,180 | $3,062.71 | |
| Conventional (5% down) | $269,000 | $21,520 | $2,185.50 | |
| Conventional (10% down) | $282,000 | $36,660 | $2,189.09 | -$11,660 |
| Conventional (20% down) | $333,000 | $76,590 | $2,188.62 | -$51,590 |
First-Time Buyer Benefits
- FHA loans allow credit scores as low as 580 with 3.5% down
- Many states offer down payment assistance programs for first-time buyers
- Sellers can contribute up to 6% toward your closing costs
- Down payment gifts from family are allowed on most loan types
You could afford up to $372,000
First-time buyers often qualify for special programs and rates. Get matched with lenders who specialize in helping new buyers.
Disclaimer: This calculator provides estimates based on general guidelines. Actual loan approval depends on many factors including credit history, employment, and property type. Consult with a lender for personalized pre-approval.
Frequently Asked Questions
How much house can a first-time buyer afford?
First-time buyers can typically afford a home priced at 3-4x their annual income, depending on debts and down payment. Use the 28/36 rule: housing costs under 28% of gross income, total debt under 36%.
What programs are available for first-time buyers?
First-time buyers can access FHA loans (3.5% down), conventional 97 loans (3% down), VA loans (0% down for veterans), USDA loans (0% down in rural areas), and state/local down payment assistance programs.
How much do I need saved to buy a house?
Plan for down payment (3-20% of home price), closing costs (2-5%), moving expenses, and an emergency fund (3-6 months of expenses). For a $300,000 home with 5% down, budget at least $25,000-$35,000 total.
What credit score do first-time buyers need?
FHA loans require 580+ for 3.5% down (500-579 needs 10% down). Conventional loans typically need 620+. Higher scores (740+) get the best interest rates. Check your credit and address any issues before applying.