First-Time Home Buyer Calculator
Find your max affordable home price, the right loan program, state down payment assistance programs, and how long it will take to save — all in one calculator.
Comparing loan programs on a $316,472 home. Best option highlighted.
| Program | Down Payment | P&I | PMI/MIP | Total Monthly | 30-yr Total Cost |
|---|---|---|---|---|---|
| FHA 3.5% | 3.5% ($11,077) | $2,041 | $142 | $2,184 | $802,575 |
| Conv 3% | 3.0% ($9,494) | $2,017 | $192 | $2,208 | $804,550 |
| Conv 5% | 5.0% ($15,824) | $1,950 | $150 | $2,100 | $771,940 |
| Conv 20% | 20.0% ($63,294) | $1,600 | — | $1,600 | $639,386 |
Complete cash needed to close — beyond just the down payment.
How to Use This First-Time Buyer Calculator
Enter your income, savings, existing debts, and credit score range. The calculator instantly shows your maximum affordable home price, recommends the best loan program, estimates your monthly payment, and tells you how long until you can buy.
Quick Calculator
Enter your Annual Income (gross, before taxes), Current Savings (total available for down payment and closing costs), Monthly Debts (car loans, student loans, minimum credit card payments — not rent), and your Credit Score range. Select your state and whether you're a veteran or active duty service member.
Advanced: Program Comparison
The Program Comparison tab shows all available loan options side by side — FHA 3.5%, Conventional 3%, Conventional 5%, Conventional 20%, and VA if eligible. You can see exactly how much each costs monthly and over 30 years.
Professional: Full Budget
The Full Budget tab shows every dollar you'll need: down payment, closing costs, 3-month cash reserves, inspection, moving costs, and initial furniture. This is the real number you need to save before buying.
How Max Affordable Home Price Is Calculated
Max Monthly Housing = Monthly Income × 36% DTI
Max Monthly P&I = Max Monthly Housing − Monthly Debts
Max Loan = Max P&I × [(1 − (1 + r)^−360) ÷ r]
Max Home = Max Loan ÷ (1 − Down Payment %)
Example: $75,000 income, $300/mo debts, 6.75% rate
Monthly Income = $6,250
Max Housing = $6,250 × 36% = $2,250
Max P&I = $2,250 − $300 = $1,950
Max Loan ≈ $304,000
Max Home (3.5% FHA down) ≈ $315,000
This uses the standard 36% front-end and back-end DTI rule. Some lenders allow up to 43-50% DTI with strong compensating factors (high credit score, large reserves), but 36% is a conservative, lender-safe target.
Example: First-Time Buyer in Austin, TX
Sarah: $72,000 income, $22,000 savings, fair credit
| Annual Income | $72,000 |
| Monthly Debts (car) | $380/mo |
| Savings | $22,000 |
| Credit Score | 680–719 (Fair) |
| Recommended Program | FHA 3.5% Down |
| Max Affordable Home | ~$285,000 |
| Down Payment (3.5%) | $9,975 |
| Closing Costs (est.) | $8,250 |
| Reserves Needed | $5,400 |
| Total Cash Needed | ~$26,000 |
| Savings Gap | $4,000 |
| Months to Save (at $500/mo) | ~8 months |
Texas also has the My First Texas Home program offering up to 5% DPA — Sarah may qualify, potentially eliminating the gap entirely.