First-Time Homebuyer Cost Calculator
Calculate the total cash you need at closing: down payment, closing costs, and required reserves.
Total Cash Needed for Your First Home in 2026
Many first-time buyers are surprised to discover that their down payment is only part of the cash they need at closing. On a $380,000 home with 5% down ($19,000), you'll also need approximately $9,500 in closing costs (2.5%) and $4,800 in two months of PITI reserves — totaling about $33,300 in total cash.
If closing costs feel overwhelming, ask your lender about lender credits (accept a 0.25% higher rate in exchange for $5,000-$8,000 toward closing costs). Also research seller concessions — in a buyer's market, sellers may contribute 2-3% of the purchase price toward your closing costs.
Down Payment Assistance Programs
All 50 states offer down payment assistance (DPA) programs through their Housing Finance Agencies. Programs range from forgivable grants (no repayment needed if you stay 3-5 years) to deferred second mortgages. Income limits apply, but many programs serve households up to 120% of area median income. Search “[your state] first-time homebuyer assistance” for local programs.