First-Time Homebuyer Calculator
Enter a price, down payment and rate to see the cash you need at closing, the monthly payment with PMI, property tax and insurance, and how that payment compares with your income. Pick a state to fill in its median home value, median household income and property tax rate and reset the illustrative annual insurance amount to 0.4% of that home value; then replace inputs with your own figures and insurer quote.
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Additional Details
Pre-filled: U.S. effective rate on owner-occupied housing, Census ACS 2024 (Tax Foundation)
Additional Details
Down Payment Amount
Estimated • Based on your inputs
Total Upfront Cash Needed
$45,500.00
Total Monthly Payment
$2,631.00
Detailed Breakdown
Disclaimer: This calculator provides estimates for informational purposes only. Results should not be considered financial, tax, or legal advice. Consult a qualified professional for your specific situation.
How this calculator works
Cash to close is the down payment plus closing costs, both as a share of the price. The monthly payment is principal and interest on the rest at your rate and term, PMI at your yearly rate on the loan while the down payment is under 20%, property tax at your rate on the price, and your annual homeowners-insurance entry divided by 12. That editable field opens at an illustrative 0.4% of price, not a verified state premium; replace it with an insurer quote. Each monthly component is rounded to dollars before summing. HOA dues, maintenance, utilities, separate flood coverage and any prepaid/escrow items missing from the closing-cost entry are excluded. This conventional-PMI model does not calculate FHA MIP, government-loan eligibility, assistance or maximum affordable price. The housing-income percentage divides that housing payment by your gross monthly income and leaves out other debts, so your lender's figure will be higher if you have car, card or student-loan payments. Months to save assumes you set aside 15% of gross income.
Source: Zillow ZHVI, Census ACS and Tax Foundation (state picker and table) checked
First-home costs by state
Each row runs the calculator on the state's median-valued home and median household income with 10% down, a 30-year loan at 6.75%, closing costs of 3% and PMI of 0.75% a year, plus an illustrative annual homeowners-insurance amount of 0.4% of home value, not a verified state premium.
| State | Median home value | FHA 3.5% down | Cash to close (10% down) | Property tax rate | Monthly payment | Share of median income |
|---|---|---|---|---|---|---|
| Alabama | $242,000 | $8,470 | $31,460 | 0.37% | $1,705 | 30.69% |
| Alaska | $401,000 | $14,035 | $52,130 | 0.94% | $3,015 | 37.82% |
| Arizona | $423,000 | $14,805 | $54,990 | 0.48% | $3,017 | 44.43% |
| Arkansas | $229,000 | $8,015 | $29,770 | 0.56% | $1,649 | 31.86% |
| California | $776,000 | $27,160 | $100,880 | 0.7% | $5,679 | 68.05% |
| Colorado | $543,000 | $19,005 | $70,590 | 0.5% | $3,882 | 47.97% |
| Connecticut | $455,000 | $15,925 | $59,150 | 1.54% | $3,648 | 45.58% |
| Delaware | $412,000 | $14,420 | $53,560 | 0.54% | $2,959 | 40.56% |
| Florida | $378,000 | $13,230 | $49,140 | 0.78% | $2,792 | 43.1% |
| Georgia | $335,000 | $11,725 | $43,550 | 0.79% | $2,477 | 37.16% |
| Hawaii | $837,000 | $29,295 | $108,810 | 0.29% | $5,838 | 69.54% |
| Idaho | $482,000 | $16,870 | $62,660 | 0.5% | $3,447 | 50.96% |
| Illinois | $299,000 | $10,465 | $38,870 | 1.88% | $2,481 | 35.78% |
| Indiana | $262,000 | $9,170 | $34,060 | 0.76% | $1,929 | 32.17% |
| Iowa | $241,000 | $8,435 | $31,330 | 1.33% | $1,890 | 30.04% |
| Kansas | $253,000 | $8,855 | $32,890 | 1.21% | $1,958 | 31.11% |
| Kentucky | $235,000 | $8,225 | $30,550 | 0.74% | $1,727 | 32.12% |
| Louisiana | $218,000 | $7,630 | $28,340 | 0.55% | $1,569 | 30.87% |
| Maine | $424,000 | $14,840 | $55,120 | 0.98% | $3,201 | 50.25% |
| Maryland | $436,000 | $15,260 | $56,680 | 0.92% | $3,269 | 38.12% |
| Massachusetts | $673,000 | $23,555 | $87,490 | 1% | $5,093 | 58.3% |
| Michigan | $270,000 | $9,450 | $35,100 | 1.19% | $2,086 | 34.58% |
| Minnesota | $357,000 | $12,495 | $46,410 | 1% | $2,702 | 37.22% |
| Mississippi | $198,000 | $6,930 | $25,740 | 0.58% | $1,429 | 29% |
| Missouri | $272,000 | $9,520 | $35,360 | 0.89% | $2,034 | 34.09% |
| Montana | $476,000 | $16,660 | $61,880 | 0.61% | $3,448 | 54.92% |
| Nebraska | $284,000 | $9,940 | $36,920 | 1.44% | $2,254 | 35.41% |
| Nevada | $448,000 | $15,680 | $58,240 | 0.5% | $3,203 | 47.37% |
| New Hampshire | $523,000 | $18,305 | $67,990 | 1.5% | $4,175 | 50.21% |
| New Jersey | $585,000 | $20,475 | $76,050 | 1.88% | $4,855 | 55.86% |
| New Mexico | $321,000 | $11,235 | $41,730 | 0.63% | $2,331 | 41.25% |
| New York | $526,000 | $18,410 | $68,380 | 1.3% | $4,111 | 57.48% |
| North Carolina | $340,000 | $11,900 | $44,200 | 0.66% | $2,476 | 40.17% |
| North Dakota | $294,000 | $10,290 | $38,220 | 0.92% | $2,204 | 33.96% |
| Ohio | $252,000 | $8,820 | $32,760 | 1.36% | $1,983 | 32.95% |
| Oklahoma | $225,000 | $7,875 | $29,250 | 0.79% | $1,663 | 30.17% |
| Oregon | $504,000 | $17,640 | $65,520 | 0.81% | $3,734 | 52.58% |
| Pennsylvania | $294,000 | $10,290 | $38,220 | 1.26% | $2,288 | 35.41% |
| Rhode Island | $517,000 | $18,095 | $67,210 | 1.12% | $3,964 | 56.96% |
| South Carolina | $309,000 | $10,815 | $40,170 | 0.49% | $2,207 | 36.61% |
| South Dakota | $326,000 | $11,410 | $42,380 | 1% | $2,467 | 38.51% |
| Tennessee | $339,000 | $11,865 | $44,070 | 0.52% | $2,430 | 40.5% |
| Texas | $303,000 | $10,605 | $39,390 | 1.4% | $2,394 | 36.04% |
| Utah | $542,000 | $18,970 | $70,460 | 0.48% | $3,867 | 48.01% |
| Vermont | $402,000 | $14,070 | $52,260 | 1.51% | $3,213 | 46.6% |
| Virginia | $420,000 | $14,700 | $54,600 | 0.78% | $3,101 | 40.41% |
| Washington | $603,000 | $21,105 | $78,390 | 0.75% | $4,437 | 53.57% |
| West Virginia | $183,000 | $6,405 | $23,790 | 0.51% | $1,310 | 25.86% |
| Wisconsin | $342,000 | $11,970 | $44,460 | 1.32% | $2,678 | 41.47% |
| Wyoming | $373,000 | $13,055 | $48,490 | 0.53% | $2,676 | 42.51% |
Median home value: Zillow Home Value Index (ZHVI), state series, June 2026. Median household income: Census ACS 2024 1-year, table B19013. Property tax: Tax Foundation effective rate on owner-occupied housing (Census ACS 2024). Closing costs, rate, PMI and the price-based insurance assumption are illustrative terms, not state quotes; monthly components are rounded before summing. HOA dues, maintenance, utilities, flood coverage and any omitted prepaid/escrow items are excluded; local transfer taxes and state down-payment assistance are not included.
- Zillow Home Value Index (ZHVI), state series, June 2026
- U.S. Census Bureau, American Community Survey 2024 1-year, table B19013 (median household income)
- Tax Foundation, effective property tax rate on owner-occupied housing (Census ACS)
- HUD, FHA Single Family Housing Policy Handbook 4000.1 (minimum required investment)
- CFPB Loan Estimate explainer (insurance, escrow and closing items)
- CFPB: debt-to-income ratio includes all monthly debt payments
Frequently Asked Questions
How much cash do I need to buy my first home?
On a $350,000 home with 10% down, a 30-year loan at 6.75%, closing costs of 3% and PMI of 0.75% a year, the calculator puts cash to close at $45,500 and the monthly payment at $2,631. An FHA loan's 3.5% minimum would cut the down payment to $12,250, though the loan then carries FHA mortgage insurance instead of PMI.
In which states is a first home hardest to afford?
Measured as the housing payment on the state's median-valued home against its median household income (the table below, at 10% down, a 30-year loan at 6.75%, closing costs of 3% and PMI of 0.75% a year), the share runs from 25.86% of gross monthly income in West Virginia to 69.54% in Hawaii. This table is an illustration at common loan terms and the 0.4%-of-price annual insurance assumption, not a lender affordability or approval decision. Other debts are excluded.
All Calculators
Arkansas First-Time Homebuyer Calculator
Arkansas planning example: $29,083 cash on $229,000 at 10% down and 2.7% closing costs. Insurance opens at $916/year, an editable illustration.
California First-Time Homebuyer Calculator
California planning example: $93,120 cash on $776,000 at 10% down and 2% closing costs. Insurance opens at $3,104/year, an editable illustration.
Connecticut First-Time Homebuyer Calculator
Connecticut planning example: $59,605 cash on $455,000 at 10% down and 3.1% closing costs. Insurance opens at $1,820/year, an editable illustration.
Delaware First-Time Homebuyer Calculator
Delaware planning example: $55,620 cash on $412,000 at 10% down and 3.5% closing costs. Insurance opens at $1,648/year, an editable illustration.
Georgia First-Time Homebuyer Calculator
Georgia planning example: $42,880 cash on $335,000 at 10% down and 2.8% closing costs. Insurance opens at $1,340/year, an editable illustration.
Hawaii First-Time Homebuyer Calculator
Hawaii planning example: $104,625 cash on $837,000 at 10% down and 2.5% closing costs. Insurance opens at $3,348/year, an editable illustration.
Indiana First-Time Homebuyer Calculator
Indiana planning example: $32,750 cash on $262,000 at 10% down and 2.5% closing costs. Insurance opens at $1,048/year, an editable illustration.
Maryland First-Time Homebuyer Calculator
Maryland planning example: $57,552 cash on $436,000 at 10% down and 3.2% closing costs. Insurance opens at $1,744/year, an editable illustration.
Michigan First-Time Homebuyer Calculator
Michigan planning example: $34,560 cash on $270,000 at 10% down and 2.8% closing costs. Insurance opens at $1,080/year, an editable illustration.
Minnesota First-Time Homebuyer Calculator
Minnesota planning example: $45,339 cash on $357,000 at 10% down and 2.7% closing costs. Insurance opens at $1,428/year, an editable illustration.
Missouri First-Time Homebuyer Calculator
Missouri planning example: $34,000 cash on $272,000 at 10% down and 2.5% closing costs. Insurance opens at $1,088/year, an editable illustration.
Montana First-Time Homebuyer Calculator
Montana planning example: $59,024 cash on $476,000 at 10% down and 2.4% closing costs. Insurance opens at $1,904/year, an editable illustration.
Oklahoma First-Time Homebuyer Calculator
Oklahoma planning example: $28,125 cash on $225,000 at 10% down and 2.5% closing costs. Insurance opens at $900/year, an editable illustration.
Oregon First-Time Homebuyer Calculator
Oregon planning example: $62,496 cash on $504,000 at 10% down and 2.4% closing costs. Insurance opens at $2,016/year, an editable illustration.
Tennessee First-Time Homebuyer Calculator
Tennessee planning example: $42,714 cash on $339,000 at 10% down and 2.6% closing costs. Insurance opens at $1,356/year, an editable illustration.
Washington First-Time Homebuyer Calculator
Washington planning example: $75,375 cash on $603,000 at 10% down and 2.5% closing costs. Insurance opens at $2,412/year, an editable illustration.
Wisconsin First-Time Homebuyer Calculator
Wisconsin planning example: $43,776 cash on $342,000 at 10% down and 2.8% closing costs. Insurance opens at $1,368/year, an editable illustration.
Wyoming First-Time Homebuyer Calculator
Wyoming planning example: $45,879 cash on $373,000 at 10% down and 2.3% closing costs. Insurance opens at $1,492/year, an editable illustration.