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Financial Planning for Buying Your First Home

Navigate the biggest purchase of your life with confidence. From saving your down payment to understanding closing costs, our tools make homebuying less stressful.

$350,000

Average Cost

24 mo

Typical Timeline

Planning Phases

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Phase-by-Phase Planning Guide

Saving & Preparation

Build your down payment fund, improve your credit score, and understand how much house you can afford.

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Mortgage CalculatorEstimate your monthly payment at different price points and interest rates Home Affordability CalculatorDetermine the maximum home price based on your income, debts, and down payment Down Payment CalculatorSee how different down payment amounts affect your monthly payment and PMI Savings Goal CalculatorCreate a timeline to save your target down payment amount

Shopping & Offers

Compare mortgage rates, understand loan types, and calculate the true cost of different properties.

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Mortgage Comparison CalculatorCompare different loan offers side by side to find the best deal Rent vs. Buy CalculatorDetermine if buying makes more financial sense than renting in your market Closing Cost CalculatorEstimate the closing costs you will need to pay on top of your down payment

Closing & Moving

Prepare for closing costs, set up your homeowner's insurance, and budget for moving expenses.

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Property Tax CalculatorEstimate annual property taxes for your new home Budget CalculatorRestructure your budget around your new mortgage payment and homeowner costs

Homeowner Financial Planning

Plan for maintenance costs, consider refinancing options, and build equity over time.

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Amortization CalculatorSee how each payment splits between principal and interest over the life of your loan Refinance CalculatorEvaluate whether refinancing makes sense when rates change

Your Financial Checklist

Financial Checklist

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Check and improve your credit score (aim for 740+)
Save for a down payment (aim for 20% to avoid PMI)Use Down Payment Calculator →
Get pre-approved for a mortgageUse Mortgage Calculator →
Calculate your true monthly cost (mortgage + taxes + insurance + maintenance)Use Mortgage Calculator →
Save an additional $10,000-$15,000 for closing costsUse Closing Cost Calculator →
Research first-time homebuyer assistance programs in your stateUse Home Affordability Calculator →
Get a home inspection before buyingUse Home Affordability Calculator →
Set up homeowner's insurance before closingUse Home Affordability Calculator →
Build a home maintenance fund (1% of home value per year)Use Home Affordability Calculator →
Keep an emergency fund separate from your down payment savingsUse Down Payment Calculator →
Update your budget to include all new homeowner expensesUse Home Affordability Calculator →

Expert Tips

The average first-time buyer puts down about 7%, not 20%. Explore FHA loans (3.5% down) and conventional loans with PMI.

Your total monthly housing cost should not exceed 28% of your gross monthly income. Include taxes, insurance, and HOA fees.

Budget 1-2% of your home's value each year for maintenance and repairs. A $350K home needs $3,500-$7,000 annually.

Get pre-approved, not just pre-qualified. Pre-approval involves a hard credit check and carries more weight with sellers.

Do not drain your emergency fund for the down payment. Keep at least 3 months of expenses in reserve after closing.

Recommended Services

Rocket MortgageGet pre-approved in minutes onlineLearn More LemonadeHomeowner's insurance starting at $25/monthLearn More Credit KarmaCheck your credit score for freeLearn More

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