OnionPatchHow much should a first-time buyer put down?
Conventional wisdom says 20% to avoid PMI, but many first-time buyers put down 3–10%. This calculator shows how PMI affects your total monthly cost so you can decide what works for your budget.
First-Time Home Buyer Affordability Calculator
Estimate your home buying budget as a first-time buyer. See the full monthly cost including PMI, taxes, insurance, and maintenance.
Free calculator
First-Time Home Buyer Affordability Calculator
Use this calculator if you are buying your first home and want a realistic picture of what you can afford. The prefilled settings reflect a typical first-time buyer scenario — moderate income, limited down payment, and standard loan terms.
No signup required
Get immediate results with prefilled settings for this scenario. Adjust any value to match your exact situation.
Why use this calculator
- See the true monthly cost of homeownership beyond just the mortgage payment
- Understand how PMI impacts your budget when putting less than 20% down
- Get a realistic price range before you start shopping
FAQ
What DTI ratio do lenders use for first-time buyers?
Most lenders cap the front-end DTI at 28% of gross income for housing costs. Some FHA programs allow up to 31%. This calculator uses 28% by default, which you can adjust in advanced settings.
Should I include student loans in monthly debts?
Yes. Enter the minimum monthly payment for student loans, car loans, credit cards, and any other recurring debts. Lenders use total debt obligations when calculating how much you qualify for.
Related scenarios
Explore similar affordability scenarios with prefilled calculator settings.
Home Affordability With a Low Down Payment
Calculate your home buying budget when putting less than 20% down. See exactly how PMI and a smaller down payment affect your monthly costs.
Home Affordability on a $50K Salary
Find your realistic home price range on a $50,000 income with all ownership costs included.
Home Affordability on a Single Income
Estimate your home buying budget as a single-income household with a complete cost breakdown.
Disclaimer
This calculator provides estimates for informational purposes only. It is not financial advice. Actual affordability depends on credit score, lender requirements, local taxes, and other factors not modeled here. Consult a qualified mortgage professional before making purchasing decisions.