First-Time Buyer Budget Worksheet: Complete Planning Guide

Buying your first home is a milestone worth celebrating—but it also requires serious financial planning. One of the most important tools in your toolkit? A First-Time Buyer Budget Worksheet. This guide will walk you through exactly what goes into your worksheet, how to build one, and how to use it to stay on track with your home buying goals.

Why Budgeting Matters for First-Time Homebuyers

Budgeting is essential, especially for first-time buyers who may be unfamiliar with all the hidden costs of buying a home. Without a clear plan, it’s easy to overextend yourself financially or miss critical expenses.

Creating a budget worksheet gives you:

• Clarity on what you can truly afford
  
• Control over your spending before, during, and after the home purchase
  
• Confidence when approaching lenders and real estate agents
  

What to Include in Your First-Time Buyer Budget Worksheet

A comprehensive budget worksheet should break down your finances into five major categories:

1. Income Overview

List all sources of monthly income:

• Salary (after taxes)
  
• Bonuses
  
• Freelance or side income
  
• Spouse/partner income (if applicable)
  

2. Current Expenses

Track your monthly and recurring expenses:

• Rent
  
• Utilities
  
• Groceries
  
• Car payments and transportation
  
• Subscriptions
  
• Insurance
  
• Minimum debt payments
  

3. Home Buying Costs

This is where many buyers underestimate their budget. Include:

• Down payment
  
• Earnest money deposit
  
• Home inspection and appraisal fees
  
• Closing costs (typically 2–5% of the purchase price)
  
• Mortgage application and origination fees
  

Learn more about closing costs here

4. Post-Purchase Costs

Once the keys are in your hand, the spending doesn’t stop. Include:

• Moving expenses
  
• Furniture and appliances
  
• Immediate repairs or renovations
  
• Utilities setup fees
  
• Property taxes and homeowner’s insurance
  
• HOA fees (if applicable)
  

5. Emergency Fund & Buffer

Don’t drain your savings! Leave room for:

• 3–6 months of emergency savings
  
• Unexpected costs or delays
  

How to Create Your Worksheet

You can use a simple spreadsheet or one of many budgeting apps. For a downloadable and editable version, check out our First-Time Homebuyer Budget Worksheet Template.

Tips to get started:

• Be honest and conservative with your numbers.
  
• Use historical bank statements to estimate your expenses.
  
• Update your worksheet as your situation changes or when you get pre-approved.
  

Ready to get started? Download our free budget worksheet to take control of your home buying journey today.

Internal Linking Strategy

As you explore your home buying budget, you may also find these resources helpful:

• Ultimate Guide to First-Time Home Buying
  
• How to Improve Your Credit Score Before Buying a Home
  
• Rent vs Buy: What’s the Right Choice for You?
  

FAQs: First-Time Buyer Budgeting

Read Next

If you’re ready to dive deeper into the home buying process, here are a few must-reads:

• A Quick Mortgage: Your Path to Homeownership
• Using a Subordination Agreement for Mortgage Refinancing: Expert Guide