First-Time Home Buyer Calculator
Compare Conventional, FHA, and VA loans side by side — with real-time down payment assistance matching built in.
Buying your first home in Utah? Enter your income, debts, and credit score below and we'll instantly calculate how much home you can afford across three loan types. Toggle a down payment assistance program to see how it lowers your out-of-pocket costs.
Your max affordable home price
Max monthly housing: $2,625/mo · Based on 700 credit score
Conventional
3% down, best rates with 740+ credit
Down Payment
$10,740
Monthly Payment
FHA
3.5% down, flexible credit requirements
Down Payment
$13,020
Monthly Payment
VA
0% down for eligible veterans
Down Payment
$0
Monthly Payment
You may qualify for down payment assistance
Utah offers grants and forgivable loans up to $20,000+ for qualifying buyers. Select a DPA program in the form above to see how it reduces your cash to close.
Rates source: Optimal Blue OBMMI · Last updated 2026-02-13
Estimates are for informational purposes only and do not constitute a loan offer. Actual rates, payments, and eligibility depend on your full financial profile, property, and current market conditions. Contact a licensed loan officer for personalized guidance.
How This Calculator Works
Our first-time buyer calculator uses your gross annual income, monthly debts, and credit score to determine the maximum monthly housing payment you can qualify for. We apply standard DTI limits (47% front-end, 50% back-end) to ensure the numbers reflect real lending guidelines.
From there, we compute the maximum affordable purchase price for three common loan types: Conventional, FHA, and VA. Each loan has different minimum down payment requirements, mortgage insurance rules, and rate structures — so you can see exactly how each option compares.
Interest rates update regularly from Optimal Blue OBMMI, and conventional rates adjust automatically based on your credit score tier. Property taxes use Utah's average effective rate of 0.58%, and homeowners insurance uses a statewide baseline of 0.35%.
Understanding Your Results
Conventional
Requires just 3% down. Private mortgage insurance (PMI) applies until you reach 20% equity. Best rates go to borrowers with 740+ credit scores.
FHA
Government-backed with 3.5% down. More flexible credit requirements (580+ score). Includes a 1.75% upfront funding fee and annual MIP of 0.55%.
VA
Available to eligible veterans and active-duty service members. Zero down payment required and no monthly mortgage insurance, though a 2.15% funding fee is rolled into the loan.
Ready to Take the Next Step?
This calculator gives you a starting estimate. Get a free, no-obligation pre-qualification to see your real buying power based on today's rates and your complete financial profile.
Get Pre-Qualified Now