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First-Time Buyer Mortgage Calculator

Finance

Calculate your mortgage payments as a first-time home buyer. Includes guidance on down payment amounts, PMI, and affordability.

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USD
$10,000.00$5,000,000.00
%
1%20%
%
0%5%
USD
$0.00$20,000.00
%
0%3%
USD
$0.00$3,000.00

P&I Payment

$1,725.27

Principal & interest per month

USD

Down Payment

$14,000

Cash needed at closing

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Mortgage Summary

Your loan of $266,000 will be paid off by Sep 2056 with total interest of $355,098. PMI of $133.00/mo applies until you reach 20% equity.

Home Price$280,000
Loan Amount$266,000
Down Payment$0 (0.0%)
P&I Payment$1,725.27/mo
Total Monthly$2,238.27/mo
Total Interest$355,098
Total Payments$621,098
Loan PayoffSep 2056
⚠️ PMI required until loan balance reaches 80% of home value. Putting 20% down eliminates this cost.

From Scratch To $10K/Month In 60 Days

This is a proven money making system that takes students by the hand to make at least $10,000 per month, every month. Students get 12 weeks of guided coaching in addition to the "MPS Super Funnel" and tools.

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Calculator Stats

Odeh Ahwal

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Odeh Ahwal
Reviewed and verifiedThis calculator was reviewed and verified by the Calcupedia due diligence team.

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Frequently Asked Questions

What down payment do I need as a first-time buyer?

FHA loans require 3.5% down with a 580+ credit score. Conventional loans start at 3% for qualifying borrowers. Putting down less than 20% typically requires PMI (private mortgage insurance), adding $50-200/month.

What additional costs should first-time buyers expect?

Beyond the down payment, budget for closing costs (2-5% of loan amount), home inspection ($300-500), appraisal ($400-700), moving costs, and 3-6 months of emergency reserves.

How much house can I afford?

The 28/36 rule: keep housing costs (PITI) below 28% of gross monthly income, and total debt below 36%. Most lenders will approve you for up to 43-50% DTI, but staying at 28% gives you more financial flexibility.

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