USDA Mortgage Calculator

USDA home loan logoThis USDA mortgage and closing cost calculator will estimate the loan amount for eligible home buyers, including the USDA funding fee, and 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.
 USDA Frequently Asked Questions

  USDA Loan Calculator
       
     
  Sales Price  
  Appraised Value  
  Down Payment    
  Acquisition Amount  
 
  Base Loan Amount      
  USDA Guarantee Fee    
  Total Loan Amount      
       
  Down Payment  
  Closing Costs  
  Escrow & Prepaid Costs  
  Total Cost To Purchase  
       
  LESS:      
  Earnest Money Deposit      
  Seller Assistance    
  CASH REQUIRED AT CLOSING  
 
  USDA Monthly Payment Calculator
   
  Principal & Interest    
  Annual Hm Insurance    
  Annual Real Estate Taxes    
  MIP | PMI  
  Condo | Association Fee  
  PAY MONTHLY  
 
     
 
 

What is the difference between a USDA loan and an FHA loan?

The USDA home loan does not require a down payment. Currently, the minimum down payment for an FHA home loan is 3.5%.

Both loans require a funding fee. The funding fee, also known as "up front mortgage insurance premium" (UFMIP) is mandated by the FHA and USDA programs. The funding fee is an additional charge to the buyer to support the FHA and USDA loan programs. The funding fee can be paid in cash at settlement or financed with the loan.

When a lender forecloses on a house, the lender seeks reimbursement from the funding fee account. The USDA funding fee is only 1% of the loan amount, the FHA funding fee is currently 2.25%. The USDA funding fee is less expensive with the USDA. In addition to the up front cost, the borrower also pays a monthly mortgage insurance premium (mip/pmi). The monthly cost is lower with the USDA.

The USDA has income and area restrictions. The FHA does not have income limits, and the FHA loan program is available in all areas of the US and territories. Other USDA requirements mostly follow the FHA guidelines.

Will the USDA loan cover closing costs?

Closing costs above the appraised value may be financed with the USDA mortgage. For example, if the appraised value is $105,000 and the sales price is $100,000, then $5,000 can be financed. The funding fee is permitted to be financed whether the appraisal is at or greater than the sales price.