First-Time Homebuyer
Typical mortgage for a first-time buyer with 10% down.
First-time homebuyers often put down 3-10% of the home price. With less than 20% down, you will pay PMI (private mortgage insurance), typically $50-200/month. FHA loans allow as little as 3.5% down. The median first-time buyer is 36 years old and pays $350,000 for their home. Even with a smaller down payment, building equity through homeownership is often better than renting long-term.
Mortgage Details
Your Monthly Payment
$2,693
/month
Loan Amount
$315,000
Total Interest
$420,510
Total Payment
$969,510
Payoff Date
March 2056
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