Florida and Georgia home buyers can figure their monthly USDA mortgage payment by using the USDA payment calculator on the right side of the screen. This USDA loan payment calculator will help provide an actual monthly payment based the principal, interest, taxes, home insurance and USDA monthly mortgage insurance (PMI)
Home buyers will to note a few things:
- You will want to add 1% to your base loan amount to account for the one-time USDA Guarantee fee. Example: if you are purchasing a $150,000 home, use $151.500 as your final loan amount in the USDA loan payment calculator. $200,000 home, use $202,000 as your loan amount and so on. This applies to both the USDA purchase and USDA Refinance program.
- The USDA interest rate noted is assuming best case scenario ( high credit scores, etc) Lower credit score borrowers may have a higher interest rate.
USDA Rural Housing generally requires that home buyers housing related expenses not exceed 30% of their gross qualifying income. So if you make a gross income (before taxes) of $4,000 per month – your housing payment with taxes, home insurance, mortgage insurance plus any applicable home owners association fees included should not exceed $1,200 per month. The income used for loan qualifying is only for those applicants actually listed on the loan application.
Total debt like car payments, credit card payment, etc plus all housing expenses should be no greater than 43%. Certain exceptions to these debt to income ratio limits apply to home buyers with strong compensating factors like a high credit score, savings, etc.
Do you have questions? We are always eager to help, just submit the fast Info Request Form on the right side of this page. Mobile phone users can find the Info Request Form at the bottom of this page. You can also call us 7 days a week at ph: 800-743-7556
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