First-Time Homebuyer

Understanding your budget is the first step toward buying a home. A mortgage loan officer can walk you through your income, debt, and credit score to help determine what monthly payment is realistic. Start with a pre-approval to get a clear picture of your buying power.

Your mortgage payment depends on your loan amount, interest rate, loan term, and other factors. Use our Mortgage Calculator to estimate your monthly payment.

Your monthly mortgage payment usually includes: Principal – The amount you borrow, Interest – The cost of borrowing, Mortgage Insurance – Required if your down payment is under 20%, Property Taxes & Homeowners Insurance – Usually paid through escrow. You may also need to budget for HOA or condo fees, which are separate from your mortgage.

Your debt-to-income (DTI) ratio compares your monthly debt to your gross income. It’s a key factor in determining how much you can afford to borrow. Use our DTI Calculator to check yours. (link to /calculators/mortgage-calculators)

Down payment requirements vary, but many programs offer flexible options—especially for first-time buyers. Your lender can help you explore assistance programs and understand how mortgage insurance may apply.