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Vacant **Land Loan Calculator** to calculate monthly mortgage payments for your land. The **land mortgage calculator** will return the payoff date, total payment and total interest payment for your mortgage. This will be the only land payment calculator that you will ever need whether you want to calculate payments for residential or commercial lands.

published on February 14, 2020

The farm land financing calculator is calculated based on the land mortgage amount, terms, and interest rate. You can change the first payment date, and the amortization schedule by monthly or yearly. A complete amortization schedule will be shown with monthly payment details such as the interest paid, principal paid, and remaining balance.

Just like a tradition mortgage calculator, this farm land loan calculator uses fixed interest loan. This means that all your monthly payments will be the same through the loan terms. In the beginning, you will be paying more on interest and less on principle. As the loan progresses, more money of the monthly payment will be towards principle.

**Mortgage Amount**- the amount of loan that you apply for to finance the purchase of a land.**Loan Terms**- in how many years is the loan due or will you payoff your land loan.**Interest Rate**- at what interest rate will you pay back the lender on your loan.**First Payment Date**- when are you start making payments for your land loan.**Amortization schedule**- you have the option to view your amortization schedule by monthly or yearly, so you know exactly how much you are paying in interest, principal and remaining balance on your loan. The land amortization schedule is printable and you can export it to a pdf file.

Some land owners may want to payoff their loans faster, they can make extra payments to pay down the principle on a monthly basis, or make an one time lump sum payments. In that case you can use our extra payment mortgage calculator which has options to include extra payments on your land loan. There really isn't much difference between a regular mortgage calculator and a land payment calculator. However, this land loan payment calculator does not include options for taxes and insurance, down payment and extra payment. If you need to calculate your land loan with these options, please use the advanced mortgage calculator which has many more options. There are four types of extra payment options that you can choose from, such as one time, monthly, quarterly or yearly options to pay down your land loan quicker before the maturity. However, when you choose to make extra payments for your land, make sure there is no additional charges, and you are paying down your principles rather than interest.

If you are planning to buy a land to build a house or for commercial purposes, you will need to get a land or lot loan. Traditional mortgages lenders generally won't finance this type of purchases because they considered this type of finance to be riskier than a standard mortgage on a house.

In a tradition mortgage, borrowers are less likely to default on their mortgages especially if they are using the house as a primary resident. In addition, a house has more value than a land to lender because they can take away your property and resell it quickly in case borrowers fail to make payments. It is less likely for a home owner to walk away from their mortgage than an land owner when they have issues with their financials. It is the lender's best interest to make money financing the property and get the monthly payments from the borrower, rather than the hassle of dealing with forecloses and getting their money back by reselling the property or the land. For this reason, it is harder to get a loan on a land than a mortgage on a house.

Since there are less options available for financing a land, the terms are less favorable for lands than a tradition mortgage. You might have to pay higher interest rate with bigger down payments, as well as shorter loan terms. Some lenders may require balloon payments, which is a type of loan where you have to may a big lump sum payment at the end of the loan. If you are looking to get a land loan, take your time and shop around and see which lenders offers the best terms. It never hurts to compare and see what options you have.

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