USDA Loan Calculator
This
USDA mortgage and closing cost calculator will estimate the loan amount
for eligible home buyers, including the USDA funding fee, and the monthly
loan payment; including real estate taxes, home insurance, and monthly
mortgage insurance (also called PMI). Simply enter the sales price,
choose the down payment, and interest rate on the USDA loan and click
calculate. Click outside the box after entering a value or using one
of the drop down boxes.
Frequently
Asked Questions About USDA Loans
Q. What are USDA home loans?
A. The USDA home loan program is a zero down payment
mortgage that is backed by the United States Department of
Agriculture.
The USDA loan was created to help low to moderate-income home buyers
purchase homes in designated rural areas across the United States.
The USDA home loans do not require a down payment, and the home
seller is permitted to pay a large percentage of the buyer's closing
costs. The subject home must be located in a approved area. USDA
loan applicants must meet the typical income,
credit, employment,
and cash savings requirements.
Q. What are the benefits of a USDA loan?
A. The benefits of a USDA home loan include:
- no down payment requirement;
- allowable seller paid closing costs up to 6% of the sales price;
- reasonable interest rates and;
- affordable mortgage insurance
Q. Are USDA loans good?
A. USDA loans are very good because the overall costs are
less than most other mortgages.
Q. How much can I borrow?
A. Believe it or not, the USDA loan program does not have a
lending limit, however, the applicant must meet the debt to income
limits, which in turn limits the amount of money that can be
borrowed.