First-time homebuyer cost calculator
Every dollar a first-time buyer needs - not just the down payment.
The down payment is the number you've been saving for. It's also the smallest of three numbers you actually need. First-time buyers underestimate total upfront cash by 30-50% on average because closing costs, prepaids, inspections, moving, and the first few months of unexpected repairs aren't on most calculators.
Worked examples
Real numbers for common scenarios. These are estimates - your final closing disclosure will reflect the exact fees your specific loan and property require.
Scenario
First-time buyer, $325,000 home in FL, 5% down conventional
Inputs
- Sale price
- $325,000
- Down payment (5%)
- $16,250
- Closing costs
- $11,800
- Inspections
- $650
- Moving (local)
- $1,200
- First-month essentials
- $2,500
- 6-month PITI emergency fund
- $15,600
Estimate
- Cash at closing
- $28,050
- Total cash needed (incl. emergency fund)
- $48,000
Run your own numbers
The calculator gives you the same itemized breakdown for any price, down payment, loan type, and location.
Open the calculatorFrequently asked questions
Is the FHA loan really only 3.5% down?+
Yes - but FHA also requires upfront mortgage insurance (1.75% of the loan, financed) and monthly MIP (0.55% annually) for the life of the loan in most cases. On a $325,000 home, FHA's monthly MIP is about $145 forever (or until you refi). Compare against a 5% conventional with PMI, which auto-drops at 78% LTV.
How much should a first-time buyer have in savings after closing?+
At minimum, 3 months of full PITI in an emergency fund - ideally 6. On a $2,800/month payment that's $8,400-$16,800. This isn't optional. Water heaters fail, AC compressors die, roofs leak. The first year of ownership is the most expensive year statistically.
What first-time buyer programs exist in 2026?+
FHA (3.5% down, 580 credit min), Conventional 97 (3% down, requires 620+), USDA (0% down in eligible rural areas), VA (0% down for veterans), state-specific down payment assistance (Florida Hometown Heroes, etc.), and Mortgage Credit Certificates (MCC) for federal tax credit on mortgage interest. Most state DPA programs require buyer education courses (~6 hours, usually free or under $100).
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Itemized buyer-side closing costs for any Florida home - doc stamps, intangible tax, title insurance, lender fees, and escrow.
All numbers shown are estimates for planning purposes. Closing costs, taxes, and fees vary by lender, title company, county, and individual transaction. LoanElk is not a lender, broker, or financial advisor. Your final Loan Estimate and Closing Disclosure are the authoritative figures.