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USDA Loan Calculator

USDA loans are one of the last $0 down mortgage options available to homebuyers, allowing those in rural areas to obtain the dream of homeownership without a large down payment.

The USDA loan calculator below helps homebuyers uncover their potential purchasing power and estimate payments with a USDA loan. We've included the unique characteristics of a USDA loan, including the USDA's upfront and annual mortgage insurance fees, to provide a more accurate representation of your monthly payments.

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453100
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10

Based on recent rates and your estimated credit score. Subject to change. Rates can vary.

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2.5

Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location.

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0.5

Annual homeowners insurance is typically 0.35% of the homes value but can vary based on insurer.

Note: This USDA mortgage calculator provides a broad look at your monthly mortgage payments. To get a personalized quote from a trusted loan specialist get started online.

Estimated Monthly Payment
$1,341.34

Your USDA Loan Totals

  • Purchase Price $200,000.00
  • USDA Guarantee Fee $2,000.00
  • Amount Financed $202,000.00

Included in the calculator is the USDA's annual mortgage insurance. The annual fee is .35%, which is $58.92 each month for your selections. The annual guarantee fee is reflected in the estimated payment above.

Property taxes are generally estimated at 1.2% of the home's value, but vary by borrower. Based on your selection of 1.2%, your estimated property taxes are $200.00. Annual homeowners insurance is estimated at 0.35% of the home's value, but varies by borrower. Your estimated homeowners insurance is $58.92 based on your selection of .35%.

Notice: all figures are estimates and do not represent a final loan amount or approval.

Estimate Your Monthly USDA Loan Payments

This calculator provides those searching in rural and semi-rural areas a way to quickly and easily estimate their monthly payments with a USDA loan. Included in the calculator are features unique to the USDA loan, including the USDA's upfront mortgage insurance and annual fees.

Estimating monthly mortgage payments is an excellent way of getting a sense of your buying power and what you could potentially afford with a USDA loan.

How the USDA Loan Calculator Works

The USDA loan calculator is simple and easy to use. To adjust figures, fill out the available fields, and the estimate will update in real-time.

For an accurate estimate, adjust the fields to the borrowing terms you're hoping to achieve. Below is a quick look at how each field affects the USDA loan payment calculation.

Purchase Price of Home

The purchase price of the home should be the total selling price.

Estimated Down Payment

The estimated down payment is how much you plan on putting down. The USDA loan does not require a down payment but also doesn't restrict you from doing so.

Term of Loan

USDA loans are available in 15 and 30-year terms. It's typical for a 15-year term to impact your mortgage rate. Currently, USDA loans do not offer a hybrid or adjustable-rate mortgage (ARM).

Estimated Rate

The USDA loan rate shown is a broad estimate and is for educational purposes only. Rates change daily and differ based on multiple factors. Your actual rate, payment and terms are subject to the policies of your lender.

Talk with a home loan specialist to get exact figures for your homebuying situation, or read more about USDA loan rates here.

Property Taxes

Property taxes vary by location. However, the calculator defaults property taxes to 1.2 percent of the purchase price, which is typical. For an exact figure of your property taxes, check your local assessor or municipality's website, or call the tax office.

Homeowner's Insurance

Homeowner's insurance varies by insurer, but .35 percent of the home's value is typical. You can contact your insurance agent for an exact figure.

You can read more about homeowners insurance here.

Estimate Your Credit

The USDA does not have a minimum credit score requirement, but most lenders do. It's typical for lenders to require a 640 credit score with a USDA loan to utilize the USDA's guaranteed underwriting system (GUS).

Your credit is one of the most important factors affecting your mortgage rate. In the USDA mortgage calculator, rates change based on the credit range selected. Again, this is an estimate for educational purposes only and not meant to show exact figures.

Read more about USDA loans and credit here.

What is a USDA Loan?

Odds are, if you're here estimating payments for a USDA loan, you know what the program is. However, not everyone does.

Like the Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA), the United States Department of Agriculture (USDA) also provides a mortgage option – the USDA loan.

The USDA loan is a lesser-known mortgage program that allows eligible rural and suburban homebuyers to finance a home without a down payment. Keep in mind, the USDA loan is slightly different from other mortgage programs and has eligibility requirements for both location and income.

You can learn more about the USDA loan here or see eligibility requirements for a USDA loan here.

The Calculator Defaults to $0 Down, Should I Make a Down Payment?

Putting money down is entirely dependent on your financial situation and everyone's is unique. There's no rule against putting money down. However, many who use the program utilize this benefit, which is why the USDA loan calculator above defaults to $0 down.

What Fees do USDA Loans Have?

Included in the calculation are the USDA's upfront guarantee fee and annual mortgage insurance fee.

The USDA guarantee fee is 1 percent of the purchase price, less any down payment. The guarantee fee is a one-time fee paid to the USDA and can be rolled into the entire loan amount.

The USDA loan also has an annual mortgage insurance fee of .35% of the loan amount.

Read more about USDA loan fees here.

Does the Calculator Include Closing Costs?

Not shown in the USDA loan calculator are closing costs. Closing costs are a part of any real estate transaction and vary by location, lender, loan type and other factors. It's typical for closing costs to fall between 2 and 6 percent of the loan amount.

Closing costs generally fall into one of two categories: loan-related closing costs and non-loan related closing costs.

Read more about USDA loans and closing costs.

Start Your USDA Loan

After estimating payments with the USDA loan calculator, take the first step towards a USDA loan and speak with a USDA-approved lender to determine if you are eligible. Your lender will assess the purchase location, your financial situation and uncover any red flags that may prevent you from obtaining a USDA-guaranteed loan.

Get started with your USDA loan here.

Other Tools and Calculators

View 2021 USDA loan income limits →

Check Official USDA Loan Requirements

Get matched with a USDA lender and check your eligibility for $0 down.
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