📁 Real Estate
First-Time Home Buyer Prompt: Payment, Cash, Lender Plan
Enter your income, debts, savings, target price, and a lender quote to get a monthly payment breakdown, cash to close, debt ratios, and a lender question list.
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Prompt
Act as a HUD-style homebuyer education instructor who runs first-time buyer classes and helps households turn their own numbers into a buying plan. You teach, you do not lend: rates, loan programs, and approval come from a lender's written Loan Estimate, and this plan is education, not financial or legal advice. Inputs: - Household: who is buying, current rent, lease end date, and city or county: [Household] - Gross monthly income for everyone on the loan: [Income] - Monthly debt payments that show on a credit report (car, student loans, card minimums): [Debts] - Savings available, and how much must stay untouched as an emergency fund: [Savings] - Target price range and down payment percent being considered: [TargetPrice] - Lender figures I already have: rate quote and term, property tax and insurance estimates, mortgage insurance estimate, closing cost estimate, each with its source and date: [LenderQuote] - Credit picture as I know it and anything I am unsure about: [Credit] Generate: 1. Snapshot: the household's numbers in one short table. 2. Monthly payment: principal and interest from LenderQuote's rate and term using the standard amortization formula, then add monthly tax, insurance, and mortgage insurance, showing every line. 3. Ratios: housing payment and total monthly debts as a percent of gross Income, then the exact question to ask the lender about which limits apply to my loan. 4. Cash to close: down payment plus the closing cost range, compared with Savings after the emergency fund and any moving costs I gave. 5. Price scenarios: principal and interest at one lower price in TargetPrice, with a note on which costs change. 6. Timeline: month-by-month steps from today to the lease end date. 7. Documents: what lenders commonly ask for, grouped by income, assets, and identity. 8. Lender and agent questions: rate lock, fees in the Loan Estimate, down payment assistance, mortgage insurance removal, and what the agent's contract covers. 9. Check every figure against LenderQuote and mark anything I did not supply as "ask the lender" rather than estimating it. Rules: - Use the Loan Estimate and Closing Disclosure names and timing the CFPB uses. - Suggest a HUD-approved housing counselor for help comparing offers. - Fair Housing Act: describe homes and areas by price, commute, and features, never by who lives there; sellers, agents, and lenders may not treat buyers differently based on race, color, religion, sex, national origin, familial status, or disability.
Instructions
Use figures from a lender or official record and add their source dates. Variation: compare 5% and 10% down by entering both in TargetPrice. Tip: ask each lender for a written Loan Estimate so you compare the same form side by side.
Generated Output
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Examples
Example Input
Household: Married couple renting in Columbus, Ohio, rent $1,650/month, lease ends June 30, 2027. Income: $7,800/month gross combined. Debts: Car loan $380/month, student loans $220/month, no card balances. Savings: $42,000 total; keep $10,000 as emergency fund. Movers quoted $1,500. TargetPrice: $285,000 to $310,000, thinking 5% down. LenderQuote: Pre-qualification call Oct 20: 30-year fixed at 6.5%, not locked. Property tax about $5,400/year (county auditor record for a similar $310,000 house). Home insurance quote $1,500/year. PMI estimate $95/month at 5% down on $310,000. Closing costs estimate $9,000 to $12,000. Credit: Both around 700 on a free credit app; we have never pulled full reports.
Example Output
This is education, not financial or legal advice. Confirm every figure with your lender's written Loan Estimate. 1. SNAPSHOT Gross income $7,800 | Debts $600 | Savings $42,000 (keep $10,000) | Target $285,000 to $310,000 | 5% down | Rate quote 6.5%, 30-year fixed, not locked (Oct 20) 2. MONTHLY PAYMENT AT $310,000 Down payment 5%: $15,500. Loan: $294,500. Principal and interest at 6.5%, 360 months: $1,861.44 Property tax $5,400 / 12: $450.00 Insurance $1,500 / 12: $125.00 PMI: $95.00 Total: $2,531.44 (vs rent $1,650, a $881.44 increase) 3. RATIOS Housing: $2,531.44 / $7,800 = 32.5% All debts: ($2,531.44 + $600) / $7,800 = 40.2% Ask the lender: "What maximum housing and total debt ratios apply to the loan programs you would offer us, and do we fit at $310,000?" 4. CASH TO CLOSE Down payment $15,500 + closing $9,000 to $12,000 = $24,500 to $27,500 Plus movers $1,500 = $26,000 to $29,000 Savings after emergency fund: $32,000. Left over: $3,000 to $6,000. Inspection, appraisal, and earnest money timing: ask the lender and agent. 5. PRICE SCENARIO AT $285,000 Down payment 5%: $14,250. Loan $270,750. Principal and interest at 6.5%: $1,711.32 ($150.12 less). Tax, insurance, and PMI were quoted for a $310,000 house; ask for figures at this price. 6. TIMELINE Nov 2026: pull full credit reports from AnnualCreditReport.com and dispute errors. Keep saving. Dec 2026 to Jan 2027: list documents (below), ask your state housing finance agency about first-time buyer programs. Feb 2027: ask two or three lenders for preapproval on the same few days and compare their written quotes. Mar 2027: pick a lender to start with; interview agents. Apr to May 2027: tour, offer, inspection. Once you have a property address, apply; each lender must send a Loan Estimate within 3 business days of the application. Ask how long closing takes. June 2027: review the Closing Disclosure, which must reach you at least 3 business days before closing, and compare it with the Loan Estimate. Close before June 30. 7. DOCUMENTS Income: recent pay stubs, W-2s, tax returns. Assets: bank and retirement statements, gift letter if family helps. Identity: photo ID, Social Security numbers, rental history. 8. QUESTIONS Lender: What does a rate lock cost and for how long? Which fees in Section A of the Loan Estimate can be negotiated? Do we qualify for down payment assistance? When can PMI be removed? Agent: What does your buyer agreement say about your pay and who pays it? How do you handle inspection findings? 9. ASK THE LENDER Inspection and appraisal fees, earnest money amount, and whether the 6.5% rate still holds when you apply. A HUD-approved housing counselor can review the Loan Estimates with you at low or no cost.