Guides for first-time homebuyers
Plain-English answers to the questions every first-time buyer asks, most with a free calculator so you can run your own numbers.
Which buyer are you?
Pick the one that sounds most like you and we’ll show you where to start.
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15-Year vs. 30-Year Mortgage: Which Should First-Time Buyers Choose?
A 15-year mortgage saves a lot of interest but has a much higher monthly payment. Most first-time buyers choose a 30-year loan for the lower payment…
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Do You Really Need 20% Down to Buy a House?
No. Most first-time buyers put down much less than 20%. Several loan types allow 3.5% down or less, and some allow 0%. The tradeoff is usually…
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Closing Costs Explained: What First-Time Buyers Actually Pay
Closing costs usually run 2–5% of your loan. See what’s included, when you’ll get your Loan Estimate and Closing Disclosure, and how to lower them.
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What Is PMI and How Do You Get Rid of It? (Removal Calculator)
Private mortgage insurance (PMI) is the extra monthly fee on a conventional loan when you put down less than 20%. It protects the lender, not you.…
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What Credit Score Do You Need to Buy a House in 2026?
You need at least a 620 credit score for most conventional loans and 580 for an FHA loan with 3.5% down. But the minimum only gets…
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How Much Do You Need to Save to Buy a House? (Cash-to-Close Calculator)
Most first-time buyers need much more cash than the down payment alone. On a $300,000 home with 5% down, plan on roughly $30,000–$35,000 once you add…
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FHA vs. Conventional Loans: Which Is Better for First-Time Buyers?
FHA loans let you buy with 3.5% down and a credit score as low as 580. Conventional loans start at 3% down but usually need a…
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Rent vs. Buy: When Does Buying Make Sense? (Free Calculator)
Buying usually beats renting only if you stay long enough. With rates around 7.4% (Freddie Mac, mid-October 2026), buying a $350,000 home typically takes about 7–8…
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How Much House Can I Afford on a $70,000 Salary?
On a $70,000 salary, most first-time buyers can comfortably afford a home priced at roughly $175,000–$200,000. The exact number depends on your down payment, your other…
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