First-Time Homebuyer Calculator
See what your monthly mortgage payment could look like. Adjust the home price, down payment, rate, and term to find a payment that fits your budget.
Estimated Monthly Payment
$2,581
/month
What First-Time Buyers Should Know
Your monthly payment has 4 parts
Principal (paying down the loan), interest (the cost of borrowing), taxes (property taxes escrowed monthly), and insurance (homeowners insurance + PMI if applicable). This calculator includes all four.
Down payment affects more than just the loan amount
A larger down payment means a smaller loan, lower monthly payment, and potentially no PMI. But even 3-5% down is enough to get started with conventional loans, and VA/USDA loans offer $0 down for eligible borrowers.
PMI isn't forever
Private mortgage insurance (PMI) is required when you put less than 20% down on a conventional loan. It typically costs 0.5-1.5% of the loan annually. Once you reach 20% equity, you can request PMI removal.
Rate matters more than you think
On a $350,000 loan, the difference between 6.0% and 6.5% is about $115/month — or over $41,000 in total interest over 30 years. Shopping multiple lenders is the best way to get the lowest rate.
Ready to See Your Real Numbers?
This calculator gives you an estimate. Apply in under 2 minutes to see the rate and payment you actually qualify for.