30–45 minutes6 tools

First-Time Homebuyer

Navigate the home buying process from affordability to closing — every calculation you need as a first-time buyer.

Who is this for?

First-time homebuyers looking to understand every financial step of buying a home

Step 1

Start by finding out how much house you can realistically afford based on your income and debts.

Step 2

Estimate your monthly mortgage payment with different loan terms, rates, and down payment amounts.

Step 3

Figure out how much to save for a down payment and how long it will take to reach your goal.

Step 4

Budget for the closing costs you'll owe on top of the purchase price — they can add up fast.

Step 5

Estimate annual property taxes so there are no surprises in your monthly escrow payment.

Step 6

Get an estimate of homeowners insurance costs — required by your lender before closing.

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