First-Time Buyer Credit Calculator

First-time buyer programs include federal credits, state/city down-payment assistance, lender-specific incentives, and employer benefits. Stacking properly can reduce net cost $5K-$30K. This calculator sizes the stack.

Purchase price

Down payment %

Closing cost %

State down payment assistance

Lender credit

Employer home-buying benefit

MCC annual tax credit value

Hold years (for MCC calc)

Net cash needed at close

$14,200

Credits stacked at close

$10,500

Gross cash needed (no credits)

$24,700

MCC lifetime tax benefit

$12,600

Total stacked benefit

$23,100

How the math works

$380K purchase with 3.5% down + 3% closing = $24,700 gross cash. Stack $10.5K credits = $14,200 net at close. Plus $12.6K MCC lifetime benefit over 7 years.

Apply to state housing finance agency 60+ days before close. Stacking often requires coordinated loan officer who works with your state's programs. Many buyers miss $5K-$15K by not exploring these programs.

How to Use

Enter federal tax credit (MCC value), state DPA, lender credit, and any employer benefit.
Enter purchase price and LTV.
See stacked benefit and net out-of-pocket.

Frequently Asked Questions

What's an MCC?

Mortgage Credit Certificate — state program that provides a federal tax credit of 10-50% of mortgage interest (capped at $2,000/yr typically). Available in most states for qualifying first-time buyers.

How big is state DPA?

Varies widely. California CalHFA: up to 3.5% of price. Maryland DHCD: $5K grant. NYC HomeFirst: up to $100K. Program-specific. Check your state housing finance agency.

Can I stack?

Usually yes. Federal MCC + state DPA + lender closing credits can all combine. Some programs conflict (DPA rules may limit lender credits). Lender loan officer can confirm compatibility.