First-Time Buyer Calculator: $300,000 Home (FHA)
Buying your first home at $300,000? Calculate your FHA loan payment with just 3.5% down ($10,500). See exact monthly costs including mortgage insurance, understand first-time buyer programs, and learn qualification requirements.
Updated for 2025. Designed for first-time homebuyers with limited savings.
📊 Quick Facts for $300K Home
- ✓FHA loan requires only $10,500 down (3.5%)
- ✓Monthly payment with MIP: approximately $1,971
- ✓Lower credit score accepted (580 minimum)
- ✓Closing costs: additional $6,000-$9,000
- ✓First-time buyer grants may be available in your area
Adjust Your Scenario
3.5% of home price
Additional Costs
Your Monthly Payment
Principal & Interest
$1829.84
Loan Summary
💰 Budgeting for Your $300K Home
As a first-time buyer purchasing a $300k home with FHA, you need approximately $18,000-$20,000 total for down payment ($10,500) plus closing costs ($7,500-$9,500). Look into down payment assistance programs, seller concessions, or first-time buyer grants that can reduce your upfront costs. Budget conservatively—your $1,971 monthly payment is just PITI; add utilities, maintenance ($250-300/month), and homeowner association fees if applicable.
Amortization Schedule
See how your payment breakdown changes over 30 years. Early payments are mostly interest; later payments build equity faster.
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📈 Market Insights: $300K Home Price Point
FHA loans are incredibly popular with first-time buyers, representing about 30% of first-time home purchases. The $300k price point with FHA financing is accessible in most markets and offers a realistic path to homeownership. In 2025, FHA loan limits are $498,257 in most areas (higher in expensive markets), making this well within conventional FHA territory. The trade-off for low down payment is mortgage insurance that doesn't drop off unless you refinance later.
✅ Affordability & Qualification Guide
FHA loans for first-time buyers require: (1) Credit score minimum of 580 for 3.5% down (or 500-579 with 10% down), (2) Income requirement around $65,000-$75,000 annually, (3) Debt-to-income ratio can be higher (up to 50% in some cases vs. 43% conventional), (4) 2-year employment history preferred, (5) Property must be primary residence and meet FHA standards. FHA is more forgiving of past credit issues (bankruptcies, foreclosures) after waiting periods.
💡 Pro Tip
Use the 28/36 rule: Housing costs should be ≤28% of gross income, and total debt payments ≤36%. For this $300K home scenario, aim for these benchmarks to ensure comfortable affordability.