Home Buying Plan Calculator
Plan the full cost of buying a home: cash needed, monthly payment, time to save and income required.
The whole picture before you buy
The price is only part of it. You need a down payment, closing costs and a monthly payment that includes tax and insurance. Lenders often look for housing costs under 28% of gross income, so we show the income you need.
A buying checklist
Build an emergency fund, check your credit, get pre-approved, keep debts low and budget for repairs of about 1% of the home value per year.
Worked example
Last reviewed November 2026. Formulas are standard and shown in the sections above; results are estimates.
Tips and common mistakes
- Keep an emergency fund after paying closing costs.
- Get pre-approved before house hunting.
- Budget for repairs and maintenance.
Learn more
Frequently asked questions
Why 28%?
It is a common lender guideline for housing costs as a share of gross income.
Is closing cost 3% right?
Typically 2-5%. Ask a lender for an estimate.
Does it include PMI?
No. Add it if your down payment is under 20%.
Money guides for this topic
All guides →Buying a Home or Car: The Math Before You Sign
How to work out what you can really afford for a home or car, using simple rules and real numbers.
Read guide →How Loan Interest Really Works
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Read guide →How to Save Money: 10 Practical Ways with Real Numbers
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Open calculator →Results are estimates and not financial advice.