Alabama First-Time Homebuyer Calculator
First-time homebuyer costs in Alabama: $7,350 FHA down payment, $5,250 closing costs, 0.41% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Alabama. Includes down payment, closing costs (2.5%), PMI (required below 20% down), property tax (0.41%), and homeowners insurance ($2,320/yr). DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Alabama homebuyer facts: Median price $210,000 | 20% down = $42,000 | FHA 3.5% down = $7,350 | Closing costs ~$5,250 | Property tax 0.41% | No attorney required.
Frequently Asked Questions
How much do I need to buy a house in Alabama?
For Alabama's median home ($210,000): FHA minimum down payment is $7,350 (3.5%), plus $5,250 in closing costs. Total minimum: ~$12,600. With 20% down to avoid PMI: ~$47,250.
What are closing costs in Alabama?
Alabama closing costs average 2.5% of the home price, or about $5,250 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and optional attorney fees. Transfer taxes are 0.1%.
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