USDA Mortgage Calculator

USDA Mortgage Calculator with taxes and insurance calculate USDA loan payment quickly and get a printable amortization schedule. The USDA loan calculator with funding fee has many options that you can include such as property tax, home insurance, payment frequency (monthly and bi-weekly), monthly HOA fees and extra payments. If you are applying for a USDA loan, this is the USDA home loan calculator to estimately your monthly mortgage payments.

published on October 29, 2020

What is a USDA Loan?

USDA home loan is a program backed by USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture for eligible home buyers with low to average income in the rural and suburban area. The purpose of the USDA mortgage is to promote economy growth in the rural area across the United States. The USDA mortgages are issued by private lenders, and offers many benefits over traditional mortgage for qualify buyers.

USDA loans offers zero down payment
Reduced mortgage rates.
Low monthly mortgage insurance
Lower credit requirement

Please note the USDA mortgage is designed to help low income families, so if your income is high, then you are not qualify for an USDA loan. Specifically, following are the main restrictions of the USDA loan.

Must be in rural and suburban area
Single family house and for primary residence only
Low income family - income is calculated by family size and the adjusted annual income must be lower than 115% of the area median income.

There may be other requirements set by the lender such as minimum credit score. Homebuyers should consult the private lenders to learn more about the program and the USDA loan.

USDA Loans Vs. Traditional Mortgages

In a traditional mortgage, lenders prefer the borrower to put down at least 20% on down payment. If not, the borrower are required to pay a private mortgage insurance or PMI to protect the lender in case the borrower defaults on the mortgage. The PMI payment is removed once the borrower has more than 20% of equity on the house, or when their loan to value (LTV) ratio falls below 80%. USDA loan does not required a minimum down payment, but there are two fees the borrower must pay. One is an upfront funding fee, and an annual fee which is similar as the PMI. The upfront fee is a fee that can be included in the loan.

USDA Loan Calculator

The USDA mortgage calculator is easy to use with breakdowns of every payment showing in the mortgage amortization schedule with monthly and biweekly payment options. The USDA PMI calculator also offers extra payment options that shows you how much faster you can payoff the mortgage if you are making regular extra payments. The extra payment can be an one time payment, yearly, quarterly or every payment (monthly or biweekly). This USDA payment calculator offers a downloadable and printable loan amortization schedule. This USDA home loan calculator with taxes and insurance gives you the options to add taxes and insurance for both the monthly payment and biweekly payment. You will also get a comparison table to compare the biweekly and monthly option and see how much you can save. Mortgage calculator for USDA loan has an option to include the guarantee fee. For conventional loan there is an insurance called the Private Mortgage Insurance or PMI when your down payment is less than 20%. For USDA mortgage, there is something similar to PMI called the USDA guarantee fee and USDA mortgage insurance. The one time USDA guarantee fee is currently 1% of your base mortgage amount, and your final mortgage amount is equal to the base mortgage amount plus the guarantee fee. The USDA mortgage insurance is 0.35% of the loan amount. The USDA payment calculator has the options to change the funding fees and insurance to reflect your mortgage. This is a USDA home loan calculator, check out our advanced mortgage calculator if you need to calculate mortgage payments for conventional loans.

USDA Mortgage Calculator with Taxes and Insurance

Following are the definition or terms for the USDA loan calculator.

Home Value - the value of your property Down Payment - how much are you planning to put down as down payment on the property Base Mortgage Amount - how much mortgage are you applying for. This is the difference between home value and down payment. Loan Terms - how many years are you planning to payoff your USDA loan. Interest Rate - how much interest will you be paying for the loan? This is a percent of the mortgage amount that you apply for. USDA Guarantee Fee - this is the upfront cost for the USDA loan, which is a fee that you can rollover to the mortgage. Annual Mortgage Insurance - this is the second fee for USDA loan, and is an annual fee. Final Mortgage Amount - your base mortgage plus the USDA guarantee fee equals to the final mortgage amount. Property Tax (Yearly) - how much property tax will you be paying for the house. Home Insurance (Yearly) - how much insurance do you need to pay for the property. HOA Fees (Monthly) - some house are required to pay a monthly HOA fees or the homeowner's associations fee. Payment Frequency - you have the option to choose the default monthly payment or bi-weekly payment to speed up your mortgage payments and payoff your loan faster. First Payment Date - the date that you first start paying your mortgage. Amortization Schedule - show the amortization by yearly or monthly. In the case of bi-weekly payment, you will see the amortization schedule in bi-weekly and yearly. Extra Payment - If you are planning to make extra payment for your USDA mortgage, you can choose an one time extra payment, or a recurring monthly, biweekly, quarterly or yearly payment.

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