MortgageIQ
Today's avg rates:30-yr fixed: 7.09%15-yr fixed: 6.42%FHA 30-yr: 6.89%VA 30-yr: 6.51%Source: Freddie Mac PMMS · Updated weekly

For educational purposes only. Not financial advice. Always consult a licensed mortgage professional. Read disclaimer

First Time Homebuyer Calculator

Check down payment assistance, compare FHA vs conventional, estimate closing costs, and get your personalized readiness score — in 5 guided steps.

1
Profile
2
Down
3
Loan
4
Closing
5
Score

Let's start with your financial picture

Answer a few questions and we'll personalize every result for you

Annual household income$75,000
Monthly debt payments$400

Car loans, student loans, credit cards, personal loans

Current savings$30,000

First-time buyer = haven't owned a home in the past 3 years.

Live Preview

Debt-to-Income Ratio

39.6%

Moderate
0%36%43%60%

Your DTI is elevated. You may still qualify but with fewer lender options.

Estimated home price range

$232,000 – $257,000

PMI may apply with current down payment

✅ Savings look sufficient to start

Max home price

$257,000

Frequently Asked Questions

How much do I need to save for a first home?▾
Most first-time buyers need 3–20% down plus 2–5% in closing costs. On a $300,000 home with 10% down, expect roughly $30,000 down and $8,000–$12,000 in closing costs — though down payment assistance can reduce this significantly.
What is down payment assistance and how do I qualify?▾
Down payment assistance (DPA) programs offer grants, forgivable loans, or deferred second mortgages to help cover your down payment. Most require first-time buyer status, income limits, and homebuyer education. Our calculator shows programs available in your state.
Should I choose an FHA or conventional loan?▾
FHA loans accept lower credit scores and smaller down payments (3.5%) but require lifetime mortgage insurance on most loans. Conventional loans need 620+ credit but allow PMI removal at 20% equity. Our side-by-side comparison uses your actual numbers.
What is a good readiness score for buying a home?▾
A score of 85+ means you're ready to start shopping. Scores of 70–84 suggest you're close — focus on 1–2 weak areas. Below 55, build savings and credit before applying.

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VA Loan Calculator

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Rate defaults based on Freddie Mac PMMS. Property tax rates from ATTOM Data. FHA MIP rates from HUD.gov. VA funding fees from VA.gov. Last updated June 2026. Learn about our data sources.