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USDA Mortgage Loan Payment Calculator for Florida, Texas, Tennessee, and Alabama

April 26th, 2024 by Sean Stephens

USDA Mortgage Loan Payment calculator for Florida, Texas, Tennessee, and AlabamaUSDA Mortgage Loan Payment Calculator. How do you accurately estimate a USDA mortgage loan payment? Unfortunately, many USDA mortgage calculators are not been designed to handle USDA specifics which can spell trouble when trying to determine your monthly budget. Thankfully, today’s video reviews exactly what should be calculated in a USDA mortgage loan payment.

Plus, you can use our USDA Mortgage Calculator anytime! The calculator is to the right if you are on desktop, or towards the bottom of the page on mobile.

Remember, if you need help or have a question, we are here to help. Just call, text, or email to discuss your scenario so we can show you the “Metroplex” difference!

Call/Text: (863) 593-2001
(800)806-9836 Ext 280
SeanS@MPLX.org

USDA Mortgage Loan Payment Calculator for Florida, Texas, Tennessee, and Alabama

When trying to stay within budget, accuracy is critical!  As a result, it is important to calculate a USDA mortgage loan payment properly because this allows you to stay within your price range while looking for homes.  Therefore, the following should be included:USDA Loan Payment Calculator for Florida, Texas, Tennessee, and Alabama

1. Property Taxes and Insurance

Property taxes and insurance are used to determine qualifying ratios and monthly housing expenses, but they can often be overlooked in calculations. If you are unsure about property tax estimates, it’s best to check with your local property tax collector. They can be a great resource to help with these questions.

2. Principal and Interest

The principal part of your payment goes towards paying down the loan balance. The interest is the cost paid for borrowing your loan.

Remember, interest rates change daily and multiple factors contribute to your interest rate calculation. Please give us a call if you have any specific rate and payment scenario questions.

3. USDA Guarantee Fee and USDA Monthly Premium

USDA home loans require 2 separate fees:

  1. 1% USDA Guarantee Fee:  This is a one-time charge of 1.00% that is financed into the final loan amount.
  2. USDA Monthly Premium 0f .35%: This is calculated every month as a part of your monthly payment.

USDA Mortgage Loan Payment calculator for Florida, Texas, Tennessee, and AlabamaUSDA Mortgage Loan Payment Calculator

Here’s how to use our USDA Mortgage Loan Payment Calculator:

  1. Type in your purchase price.
  2. USDA Guaranteed loan terms are for 30 years.
  3. Select your interest rate. Remember, that they do change daily.
  4. Input your estimated annual property taxes.
  5. Input your estimated annual homeowner’s insurance premium. Please note, property taxes and insurance will vary from property to property.
  6. Review your total estimated USDA monthly housing expense and make sure your payment is within budget!

Based on the numbers selected, our USDA Mortgage Loan Payment Calculator automatically factors both the USDA Guarantee Fee and the monthly premium into the housing expense estimate listed.

Please note: our USDA Mortgage Loan Payment Calculator is for estimating purposes only, minimum credit conditions will apply on all loans. This is not a Loan Estimate or a commitment to lend.

Give it a try, or feel free to forward it to anyone who may benefit! The calculator is to the right if you are on desktop, or towards the bottom of the page on mobile.

Learn what it means to have the strength and experience of a USDA Approved Lender working for your benefit. Just call, text, or email to discuss your scenario, and let us show you the “Metroplex” difference!

Call/Text: (863) 593-2001
(800)806-9836 Ext 280
SeanS@MPLX.org

P.S. Don’t forget to download Your USDA Blueprint for Success. This guide is complementary and designed to walk you through the USDA qualifying process step-by-step.

USDA Mortgage Loan Payment calculator for Florida, Texas, Tennessee, and Alabama

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