How Much Can You Afford?
This helpful calculator will walk you through your income, your debt payment, and what your loan might look like to estimate what home purchase price will sustainably fit in your budget. Your first home is one of the biggest purchases of your life - make sure it's a comfortable price. Remember, this won't tell you if you'll qualify for a mortgage. For that it's best to contact a homebuying educator or a lender that offers affordable mortgages!
This budget worksheet can help you figure out how your first home will fit in with your other expenses. It's also a good idea to connect with a first time homebuyer educator who can walk you through the budgeting process.
Renting vs. Buying
This quick tool will help you compare the financial benefits and costs of renting and buying or home. There is more to deciding if buying a home is right for you, but finances are certainly a part of it!
Other Calculators and Worksheets
Freddie Mac offers a number of great calculators and worksheets to help you on your journey to homeownership. But remember, no need to do this work on your own - contact a first time homebuyer education agency to help you through these!