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First-Time Homebuyer Calculator Suite (2026)

Three free tools in one place — find out how much house you can afford, compare FHA vs conventional loans, and plan exactly how long it will take to save your down payment.

All homebuyers FHA loans Updated 2026 Free No sign-up
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🏠 Home Affordability Calculator

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Maximum home price you can afford
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based on your income and debts
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This estimate uses the 28/36 qualifying rule used by most lenders.

Ready to see what you actually qualify for?

Get pre-qualified in minutes with no impact to your credit score. See real rates from multiple lenders and find the best deal for your situation.

Compare mortgage rates → Get pre-qualified free

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📊 FHA vs Conventional Loan Comparison

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See your actual rates from real lenders

Your credit score and down payment determine the actual rate you will receive. Compare personalized offers from multiple lenders in minutes.

Compare FHA loan rates → Learn more about FHA loans

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💰 Down Payment Savings Timeline

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Time to reach your down payment goal
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Put your savings in a High Yield Savings Account to earn interest while you save. Current top HYSA rates are around 4.5% APY.

Maximize your down payment savings

A High Yield Savings Account earns significantly more than a traditional savings account while your money is growing toward your down payment goal.

Compare HYSA rates → Tips for saving faster

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Understanding home affordability — in plain English

Whether you are buying your first home, starting fresh after a life change, or finally ready to stop renting, understanding what you can truly afford is the most important first step. Not what the bank says you qualify for — what you can actually afford comfortably.

The number a lender approves you for and the number that makes sense for your life are often very different. Lenders use the 28/36 rule as a baseline — your housing costs should not exceed 28% of your gross monthly income and your total debt payments including housing should not exceed 36%. But these are maximums, not targets.

Buying a home after a life transition

If you are going through or recently went through a separation or divorce, buying a home as a single person feels overwhelming. The most important thing to know is that it is absolutely possible — and millions of people do it every year. The key steps are understanding your individual income and credit picture, knowing that child support and alimony you receive can count toward qualifying income if documented, and being realistic about what feels comfortable on a single income versus what a lender will approve.

FHA loans versus conventional loans — what actually matters

FHA loans are not just for people with bad credit. They are a smart choice for anyone who wants a lower down payment with more flexible qualification requirements. The trade-off is mortgage insurance that stays on the loan longer than conventional PMI. If you have a strong credit score and can put down 5% or more, running both scenarios in the comparison tool above will show you exactly which option saves you more money over the life of your loan.

2026 FHA loan limits: The FHA increased its loan limits for 2026. In most Florida counties the FHA loan limit is $524,225 for a single-family home. In high-cost areas like Miami-Dade and Monroe counties the limit is higher. Check HUD's website for the exact limit in your county.

The down payment — what nobody tells you

The down payment is only part of what you need to save. Closing costs typically run 2% to 5% of the purchase price — on a $300,000 home that is $6,000 to $15,000 on top of your down payment. Budget for both from the beginning so you are not caught short at the closing table. Many first-time buyer assistance programs in Florida can help with closing costs — ask your lender about the Florida Hometown Heroes program and county-specific assistance.

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Frequently asked questions about buying a home

How much house can I afford on my salary?+
A common guideline is to spend no more than 28% of your gross monthly income on housing costs including principal, interest, taxes, and insurance. With a $60,000 annual salary that means approximately $1,400 per month on housing. However your debt-to-income ratio, credit score, and down payment all affect how much a lender will actually approve you for. Use our affordability calculator above for a personalized estimate.
What is the difference between an FHA loan and a conventional loan?+
FHA loans are backed by the Federal Housing Administration and require a minimum 3.5% down payment with a credit score of 580 or higher. They are easier to qualify for but require mortgage insurance premiums for the life of the loan in most cases. Conventional loans require stronger credit scores typically 620 or above and can require as little as 3% down, but private mortgage insurance drops off once you reach 20% equity. Our comparison tool above shows you the real monthly cost difference for your specific situation.
Can I buy a home after a divorce or separation?+
Yes. Many people successfully purchase homes after divorce or separation. Lenders will look at your individual income, credit score, debt-to-income ratio, and available assets. Child support and alimony you receive can count as income if it has been received consistently for at least 6 months and is documented with a court order showing it will continue for at least 3 more years. The key is understanding what you can afford on your single income before beginning your home search.
What credit score do I need to buy a house?+
For an FHA loan you need a minimum credit score of 580 for the 3.5% down payment option, or 500 to 579 with a 10% down payment. For a conventional loan most lenders require a minimum score of 620, though better rates are available with scores of 740 or higher. If your credit score needs work, focus on paying down credit card balances and making all payments on time for 6 to 12 months before applying.
What is PMI and can I avoid it?+
PMI stands for Private Mortgage Insurance and is required on conventional loans when your down payment is less than 20% of the purchase price. It typically costs 0.5% to 1.5% of the loan amount annually. You can avoid PMI by putting 20% down, using a VA loan if you qualify, or using a piggyback loan structure. Unlike FHA mortgage insurance, conventional PMI automatically cancels when you reach 20% equity in your home.
How long does it take to save a down payment?+
The timeline depends on your target home price, down payment percentage, monthly savings amount, and interest earned on savings. For a $300,000 home with a 3.5% FHA down payment of $10,500, saving $500 per month in a high yield savings account earning 4.5% would take approximately 20 months. Use our down payment timeline calculator above to see your exact timeline.
What other costs should I budget for beyond the mortgage payment?+
Beyond your principal and interest payment you should budget for property taxes which vary widely by location, homeowners insurance typically $100 to $200 per month, HOA fees if applicable, PMI if your down payment is under 20%, and maintenance costs typically estimated at 1% of the home value per year. Closing costs are also typically 2% to 5% of the purchase price and must be paid at closing in addition to your down payment.
Should I get pre-approved before house hunting?+
Yes. Getting pre-approved before you start house hunting gives you a clear budget, makes your offers more competitive, and identifies any credit or financial issues to address before they become problems at closing. Pre-approval is different from pre-qualification — pre-approval involves a hard credit check and full document review and carries much more weight with sellers in a competitive market.

Important disclaimer: The estimates provided by these calculators are for informational and educational purposes only. They are based on standard industry formulas and do not constitute financial or mortgage advice. Actual loan amounts, rates, and terms depend on your credit profile, lender requirements, and current market conditions. LifeCalcCenter.com is not a mortgage lender or financial advisor. Always consult with a licensed mortgage professional for advice specific to your situation.

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