USDA Home Loan Calculator: What’s My Payment?

USDA What’s My Payment? Having no money but you want to buy a home is possible with a USDA loan. The USDA loan calculator includes the distinctive features of USDA loans so you can properly budget for your new home.

USDA Home Loan Calculator: What's My Payment?

USDA home loans are one of the least-known but most powerful home buying options in today’s market. These loans require zero down payment.

That means you can buy a home even though you don’t have a lot of money saved up. USDA loans also come with ultra-low rates and low credit score minimums.

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.

Also, USDA loans offers zero down payment and reduced mortgage rates for qualify home buyers.

USDA Home Loan Calculator

This USDA home loan calculator with taxes and insurance gives you the option 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 options and see how much you can save.

USDA Mortgage Calculator

USDA Mortgage Calculator

USDA Mortgage Calculator with taxes and insurance calculates USDA loan payment quickly and gets a printable amortization schedule.

The USDA loan calculator with funding fees 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 estimate your monthly mortgage payments.

USDA Loan Calculator

Home Value
Down Payment

Base Mortgage Amount
Loan Terms

Interest Rate
USDA Guarantee Fee
Annual Mortgage Insurance
Final Mortgage Amount
Property Tax (Yearly)

Home Insurance (Yearly)

HOA Fees (Monthly)
Payment Frequency
First Payment Date
Amortization schedule
Extra Payments

USDA Mortgage Calculator: Fees and Definitions

The above USDA mortgage calculator details costs associated with USDA loans or with home buying in general. But many buyers don’t know why each cost exists. Below are descriptions of each cost.

Principal and Interest

This is the amount that goes toward paying off the loan balance plus the interest due each month. This remains constant for the life of your fixed-rate loan.

Property Tax

The county or municipality in which the home is located charges a certain amount per year in taxes. This cost is split into 12 installments and collected each month with your mortgage payment.

Your lender collects this fee because the county can seize a home if property taxes are not paid. The calculator estimates property taxes based on averages from tax-rates.org.

Homeowners Insurance

Lenders require you to insure your home from fire and other damages. This fee is collected with your mortgage payment, and the lender sends the payment to your insurance company each year.


If you are buying a condo or a home in a Planned Unit Development (PUD), you may need to pay homeowners association (HOA) dues. Lenders factor in this cost when determining your ratios. (See an explanation of debt-to-income ratios above).

You may put in other home-related fees such as flood insurance in this field, but don’t include things like utility or maintenance costs.

USDA Mortgage Insurance

The agency charges an annual fee which is paid in 12 equal installments along with the mortgage payment. The fee is equal to 0.35% of the loan amount per year.

The fee is much lower than FHA mortgage insurance or even most conventional PMI rates.

Upfront USDA Fee

The USDA charges an upfront fee which is rolled into the loan amount. The amount of the fee is currently 1.0% of the loan amount. The fee goes to USDA to defray the costs of running the program.

The agency is able offer these loans at discounted rates and down payments in part because of this fee.

Loan Term

The number of years it takes to pay off the loan (assuming no additional principal payments). USDA loans come in 30- or 15-year options.

Down Payment

This is the dollar amount you put toward your home cost. USDA requires no down payment, but buyers can make a down payment if they desire. Down payments can come from a down payment gift or an eligible down payment assistance program.

Interest Rate

The mortgage rate your lender charges. Shop at least three lenders to find the best rate.

How to Use the USDA Mortgage Calculator

First off, a big pat on the back for all the research you’re doing. Using our USDA mortgage calculator helps you confidently decide just how much house you can afford.

Step-by-step, here’s how the NerdWallet USDA home loan calculator works:

  1. Input the purchase price of the home you’re considering or your best guess of how much house you can afford.
  2. USDA loans usually don’t require a down payment, but you can enter a figure here if you are considering putting some money down. Zero works too.
  3. Next, enter the interest rate you expect to qualify for. Our mortgage rate tool can help you pin that number down.
  4. Finally, select how long your repayment term will be — 15 or 30 years.

The results will show your total monthly cost and the total cost of the loan over the term you selected.

You can also choose to break down the monthly or total costs in detail. Now that you have a good idea of what your loan will cost, you’ll be ready to shop for the best USDA lender for your particular situation.

USDA Mortgage Eligibility

USDA loans are typically available to those who meet the following qualifications:

  • Purchasing a home in a USDA-eligible area (most areas outside major cities are eligible)
  • Income at or below 115% of the area’s median income
  • A credit score of 640 or higher (although some lenders accept lower scores with compensating factors)
  • A debt-to-income ratio of 41% or less (higher DTI acceptable with compensating factors)
  • 1-2 years of consistent employment history (most likely 2 years if self-employed)
  • A home that meets USDA property standards

How to Apply For a USDA Loan

How to Apply For a USDA Loan

Homebuyers — if they have heard of the program at all — assume USDA loans are only for farms or homes that are too far removed from civilization.

On the contrary, USDA mortgages are for regular homes in the suburbs.

Check your eligibility, and become a homeowner sooner than you thought possible.

Verify your USDA loan eligibility 

How do USDA Loans Compare Against Normal Conforming Mortgages?

On regular conforming mortgages, private banks offer funding & typically desire borrowers to put down 20% of the home’s value to minimize the risk of loss to the lender in the event a foreclosure takes place.

If the borrower puts less than 20% down they are required to pay property mortgage insurance (PMI) until the loan balance to home value (LTV) falls below 80%.

USDA loans do not require a downpayment, but they do have two important fees associated with them. One is an upfront funding fee and another is an annual fee that acts similarly to PMI. The upfront fee can be rolled into the loan.

Periodically the fees associated with a USDA loan change to reflect the costs of running the program. The last major change was announced on September 1, 2016 when the upfront guarantee fee dropped from 2.75% to 1%, and the annual fee was lowered from 0.5% to 0.35%.

Both the upfront funding fee and the annual insurance premium are far cheaper on USDA loans than the equivalent FHA fees.


1. What is a USDA single-family guaranteed home loan?

The USDA Loan is a mortgage option available to qualified rural homebuyers. USDA loans are issued by USDA-approved lenders and guaranteed by the U.S. Department of Agriculture (USDA).

2. Are only first-time homebuyers eligible?

No, you do not have to be a first time home buyer.  The USDA Loan program has no restrictions that prevent previous homeowners from using the program.

3. What is the USDA loan guarantee?

When you hear that the USDA loan is guaranteed, it is in reference to the fact that the USDA insures a portion of each loan in the event the borrower defaults on their home loan. This backing, or guarantee, is what gives lenders more confidence in homebuyers and the ability to extend favorable rates and terms.

4. What is the maximum amount that I can borrow?

There are no maximum loan amount restrictions on USDA loans. An individual’s maximum loan amount is based upon their debts, income and ability to repay.

USDA loans help first-time home buyers and we’re not just talking about farmers and ranchers. The agency’s Rural Development Program covers a lot of ground, from rural acres that are fit to farm to suburban lots perfect for porches.

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