Buying a home in an eligible rural area? USDA Loans offer no down payment and lower insurance costs, making homeownership more affordable. Try our USDA Loan calculator to see what your monthly payments might be.
USDA Loan Mortgage Calculator
For informational purposes – your actual rate, payment and costs could be higher. Get an official Loan Estimate before choosing a loan.
Monthly Mortgage
$2,020.20
- Monthly Loan Payment (Principal + Interest) $1679.89
- Monthly Property Taxes $166.67
- Monthly Property Insurance $100.00
- USDA Annual Fee (%) $73.65
USDA Loan
$252500
- Purchase Price $250000
- USDA Gurantee Fee $2525.00
What Is a USDA Loan?
USDA Loans are government-backed mortgages that offer a smart alternative to traditional mortgages for those buying in eligible rural areas. With no down payment, low interest rates, and reduced insurance costs compared to FHA loans, they’re a powerful tool for low- and moderate-income buyers looking to afford a home.
Why Use a USDA Mortgage Calculator?
A USDA mortgage calculator can help you:
How Does the USDA Mortgage Calculator Work?
Using our USDA mortgage calculator is simple! Just follow these easy steps:
- Enter the loan amount: Input the amount you plan to borrow.
- Enter the interest rate: Use the current average interest rate for USDA Loans or get a personalized quote from a lender.
- Enter the loan term: Choose the length of your loan, typically 30 years for USDA Loans.
- Enter the annual property taxes: Estimate your annual property taxes based on the property you’re considering.
- Enter the annual mortgage insurance premium: Input the estimated annual mortgage insurance premium for USDA Loans.
- Review Your Estimation: The calculator will generate an estimated monthly payment amount, including principal, interest, taxes, and insurance.
Who is eligible for a USDA Loan?
USDA Loans have specific eligibility requirements, including income limits and property location restrictions. Generally, you’ll need to be a low- or moderate-income borrower, and the property must be located in a USDA-designated rural area, which can include some towns and suburbs
What are the benefits of using a USDA Loan?
USDA Loans offer several attractive benefits, including no down payment requirement, competitive interest rates, and lower mortgage insurance premiums compared to FHA Loans.
How accurate is the USDA Loan mortgage calculator?
Our USDA mortgage calculator provides estimates based on the information you enter. While it strives to be accurate, it’s essential to remember that these are estimates, and your actual monthly payments may vary.
What other factors should I consider when using the calculator?
Remember that the calculator doesn’t include other potential costs associated with buying a home, such as closing costs, homeowners insurance, and potential HOA fees.
Is Your Property Eligible?
Check if your dream home qualifies for a USDA Loan with our quick and simple eligibility map. Simply enter the address to see if it falls within an eligible area. Many properties in small towns and suburban neighborhoods qualify, not just those in rural locations.
Explore Our Other Mortgage Calculators
Need help with other aspects of your home financing journey? Check out our other helpful calculators!
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