USDA Loan Calculator.

Calculate USDA Home Loan Payments

This calculator will compute a mortgage's monthly payment amount based on the principal amount borrowed, the length of the loan and the annual interest rate. This calculator will also compute your total mortgage payment which will include your property tax, property insurance and PMI payments. Then, once you have computed the monthly payment, click on the "Create Amortization Schedule" button to create a report you can print out.

Loan Basics

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USDA Upfront Loan Guarantee Fee & Insurance

USDA Loan Upfront Guarantee Fee (%):
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USDA Annual Fee (%):

Other Ownership Costs

Annual real estate taxes:
Annual homeowners insurance:
Upfront Fee Amount:
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Monthly Principal and Interest Payment:
Monthly Taxes, Insurance and PMI payment:
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The Complete Guide to USDA Home Loans

Beautiful suburban home near a lake.

Planning to purchase a home? It’s a lot tougher with limited funds and a low credit rating. This is especially overwhelming for first-time homebuyers who have yet to build large savings.

However, the good news is government-sponsored mortgages such as USDA loans provide affordable payment options. If you’re worried about strict qualifying guidelines, this comes with relaxed requirements. However, as a trade-off, you must select a home in a USDA rural area.

Read on to learn more about USDA loans and how to qualify. We’ll also discuss its pros and cons and how this mortgage option can work for you. Our guide will help you determine if USDA loans will suit your needs.

What is a USDA Home Loan?

The U.S. Department of Agriculture offers federally backed loans as part of the USDA Rural Development Guaranteed Housing Loan program. It is geared towards low to moderate income homebuyers looking for affordable loans in the suburbs and rural areas. Borrowers usually take Guaranteed USDA loan programs in 15-year and 30-year fixed-rate terms.

The USDA guarantee provides insurance for lenders, allowing them to offer zero downpayment and low interest loans to borrowers. It also comes with reduced mortgage insurance premiums. USDA home loans are issued through private lenders approved by the U.S. Department of Agriculture.

 

Guaranteed USDA loans are commonly used as a loan purchase tool. The USDA also offers refinancing programs that help borrowers obtain favorable mortgage terms. Through USDA loans, the government aims to foster economic development in relatively low population areas.

A Brief Background on USDA Loans

USDA home financing was established in 1994 under the Department of Agriculture Reorganization Act and the Federal Crop Insurance Reform Act. Over the years, it has been updated to suit the needs of suburban and rural homebuyers throughout the country.

Today, this financing option is better known as the USDA loan. USDA loans are also sometimes called the Section 52 loan, which cites the 1949 Housing Act with section 502(h). This law is the basis for the creation of the current program.

Other Types of USDA Loans

Aside from the guaranteed USDA loan, there are other types of USDA loans available to borrowers. These financing options include the following:

Direct USDA Loan

This mortgage directly finances borrowers without the need for a bank or a private lender. Unlike USDA guaranteed loans, the USDA functions as the primary lender in a direct loan.

Direct USDA Loans are intended for low and very low-income borrowers that need help in purchasing affordable housing. Available loans include single-family homes and multi-family homes. It also offers property for low-income residents who are elderly and disabled. Likewise, homes must be in a USDA designated area. To qualify, your income must be below the local low-income limit defined by the USDA. The limit may be below $17,000 in some areas.

USDA Home Repair Loans

This option is appropriate for very low-income homeowners who need assistance in making home improvements. It allows qualified borrowers to modernize their home and get rid of health and safety hazards. USDA home repair loans are also granted to elderly citizens with very low income.

To qualify, your household income must fall below 50 percent of your area’s median income. The maximum loan amount for a USDA Home repair loan is $20,000. It comes with a 1 percent fixed rate and may be repaid up to 20 years. USDA loans and grants may be combined for up to $27,500 in assistance.

Qualified Locations for USDA Mortgages

USDA loans require buyers to obtain property in USDA rural areas. This is why they prescribe geographical locations outside cities and metropolitan centers. Though it may sound unattractive to buyers, many areas are actually eligible for USDA housing. Around 97 percent of the U.S. land mass is qualified for rural development loans. To check if your area is qualified, visit the USDA Income and Property Eligibility page.

When you think of USDA locations, you might picture long country roads with the next neighbor a mile away. While you may live in such area, many USDA locations are actually in suburban communities. Locations with populations below 20,000 are preferred for USDA housing. In some cases, areas with a population of 35,000 may also be approved.

Borrowers who qualify for USDA loans can relocate to a rural or suburban area to build a home. They can also use it to improve or fully rehabilitate a house in any USDA area.

The Difference Between USDA Loans and Conventional Loans

Traditional versus modern houses.

USDA Loan Basics

The USDA provides home financing for low to moderate-income families, allowing them to build roots in rural locations. It offers zero downpayment (100 financing) and requires a lower credit score compared to conventional loans. This helps develop new areas in the country, encouraging more businesses to grow and improve economically. If you do not want to live in a city, this home loan is appropriate for you.

As for credit score, the requirement is 640 which is lower than a conventional loan. Moreover, it imposes an income limit, which is not required in conventional loan. Another important qualifying factor is debt-to-income (DTI) ratio, which is the percent of your income that goes to paying debts. There two important types of DTI ratios:

  • Front-end DTI ratio – It’s the percentage of your earning that go to your housing costs, such as mortgage payments, property taxes, insurance, association dues, etc.
  • Back-end DTI ratio – This is the percentage of your earnings that go to your mortgage-related costs together with all your other debts, such as car loans, credit card payments, student loans, etc.

For USDA loans, your front-end DTI ratio must not be higher than 29 percent, with a back-end DTI ratio that does not exceed 41 percent. These figures are similar to conventional loans, which also require low DTI limits. It assures lenders that you have enough income to pay back your mortgage.

USDA Guarantee Fee

USDA loans charge a mortgage insurance premium, which is called a guarantee fee. This is required when you pay little or no downpayment for your mortgage. It’s paid both as an upfront closing fee and as a monthly payment (annual guarantee fee).

In October 1, 2016, the USDA Rural Development announced reduced mortgage insurance rates for home loans. The upfront guarantee fee which was 2.75 percent was reduced to 1 percent. Meanwhile, the 0.50 percent annual insurance rate was decreased to 0.35 percent. These are among the lowest fees offered by federally-backed mortgages. It’s lower than FHA loans that impose 1.75 percent for an upfront mortgage insurance premium.

 

The current USDA mortgage insurance rates are as follows:

  • Loan purchases – 1% upfront fee based on loan amount
  • Refinancing – 1% upfront fee based on loan amount
  • All USDA loans – 0.35% annual fees based on the principal balance

The upfront fee is 1 percent of your loan amount. For example, if your loan is $320,000, you’ll pay an upfront guarantee fee of $3,200. Then, for the succeeding years, you’re required to pay 0.35 percent of the unpaid principal balance. This annual guarantee fee is paid over 12 months and is rolled into your monthly payments.

Suppose your loan is $320,000, the annual guarantee fee will cost $1,120 a year, which is $93.93 per month. If your outstanding principal balance is reduced to $290,000, your annual guarantee fee will be $1,015 which is $84.58 per month.

The annual fee for USDA loans is paid for the entire payment term. However, it gets lower every year as your outstanding principal balance decreases. You have the option to pay for all or part of the upfront guarantee fee by using cash gifts. Grant funds are also accepted.

No Loan Limits

The USDA does not set maximum loan limits for the amount you can borrow. The loan amount you qualify for will be based on financial factors such as your income and debts. This is unlike FHA loans that impose loan limits according to your area.

Understanding Conventional Mortgages

Conventional loans are mortgages that are not federally backed by the government. They are provided by private lenders such as banks, credit unions, and non-bank mortgage companies. Because they receive no government funding, conventional loans impose more stringent qualifying standards for approval. They also have higher rates if your credit score is low.

Conventional loans are apt for buyers with high incomes and a stable stream of funds. And unlike USDA loans, conventional loans do not impose specific geographic locations or income limits for buyers.

Borrowers must ideally have a 700 credit score to obtain low rates. Though you may get approved with a 680 credit score, expect conventional loan rates to be higher. With a low credit score, you can obtain a lower rate from a USDA loan.

As for debt-to-income ratio, the front-end DTI for conventional loans is 29 percent, with a back-end DTI limit of 43 percent. But ideally, you should aim for a 36 percent back-end DTI. It requires slightly lower DTI limits compared to USDA loans.

And when it comes to downpayment, conventional loan borrowers usually make a 10 percent downpayment. If you make a downpayment lower than 20 percent, you are required to pay a private mortgage insurance.

Private Mortgage Insurance (PMI)

Conventional loans charge a private mortgage insurance if your downpayment less than 20 percent of the home’s price. This is usually included into your monthly payments. In some cases, it may be paid as a one-time premium upon closing. Unlike the annual guarantee fee in USDA loans, PMI can be canceled. Once your mortgage balance reaches 78 percent of your home’s value, PMI is automatically removed. It is also eliminated when you pay halfway through your amortization schedule.

 

Considering all these factors, if you have a good credit score, it’s better to take a conventional loan. You’ll be able to save with a lower rate. Furthermore, you don’t need to pay the annual guarantee fee for the entire loan. However, if you have a low credit score (640-680), it’s worth considering a USDA loan. This is a good choice especially if you intend to live outside the city.

To summarize, the following table lists the differences between USDA loans and conventional loans:

RequirementsUSDA LoansConventional Loans
AreaMust be a USDA-approved areaAny location, no area restrictions
Income limitHousehold income cannot be over 115% of the median income for your areaNo prescribed income limits
Credit scoreMinimum of 640Ideal credit score is 700
Lenders usually approve 680
RatesSignificantly lower rates due to federal backingLow credit score means a higher rate
Low downpayment means a higher rate
Front-end DTINo higher than 29%No higher than 28%
Back-end DTIMust not be higher than 41%Should ideally be 36%
Must not be higher than 43%
Up to 50% if you have a student loan
DownpaymentDownpayment is not required10% – average downpayment
20% downpayment removes PMI requirement
3% – minimum requirement for a 97-3 loan
CostRequires 1% upfront guarantee fee
Requires 0.35% annual mortgage insurance fee
No prepayment penalty
PMI is 0.5%-1% of the loan amount per year
PMI is canceled once your mortgage balance reaches 78%
Average closing cost is 2%-5% of the loan

USDA Eligibility and Required Documents

Couple meeting with real estate agent.

Buyers must satisfy required income limits to obtain a USDA loan. To qualify, your household must not earn more than 115 percent of the local median family income. Generally, household income combines the income of the loan applicant and each adult in a home. This rule applies regardless of the other person’s family name. To know your income limits, visit the USDA map of complete income limits based on different U.S. regions.

Again, you must meet the following financial qualifications to insure you can pay back the loan:

  • Credit score – minimum of 640
  • Stable job and source of income – proven with tax returns
  • Debt-to-income ratio – front-end DTI ratio must not exceed 29%, back-end DTI ratio must not exceed 41%

Only for Primary Residences

The house must be a primary residence where you live in. USDA loans do not apply to secondary homes like vacation houses or investment property.

Gather the following personal and financial documents to apply for a USDA loan:

  • Proof of U.S. citizenship / permanent residency
  • OR proof of qualified alien status or non-citizen national status
  • Tax returns and pay stubs in the last 2 years
  • Documents including bills and financial obligations
  • Credit report

What if you’re self-employed? If you have no traditional source of income, you may submit other documents such as rental and utility bills and receipts.

Where do you apply for a USDA loan? To be safe, find an authorized lender by visiting the U.S. Department of Agriculture Rural Development site. You may also apply to any USDA-approved lender in your area. To verify, you can check this list of approved USDA lenders.

Check Your Credit Report

Before applying for a mortgage, always check your credit report. Borrowers are entitled to one credit report per year. You can request a free copy of your credit report online at annualcreditreport.com. Watch out for errors to see if your payments are documented properly. Any incorrect information may lower your credit score. If you find corrections, you may dispute errors with your credit bureau.

The Advantages and Drawbacks of USDA Loans

Obtaining a mortgage with no downpayment sounds like a good deal. With USDA loans, you can get low rates even with a less than perfect credit score. Plus, it has no prepayment penalty. This mean you can make additional payments to pay your mortgage faster.

However, there are a couple of trade-offs. Though you can qualify with limited funds, consider the following disadvantages. First, think of the geographical requirement. If you’re not sure about moving to a suburban or rural area, find another option. Next, if your household generates high income, you may not qualify for a USDA loan.

Since it’s a government-backed mortgage, USDA loans follow minimum health and safety standards. Appraisers might not readily approve old houses that need many fixes. Furthermore, you must pay the guarantee fee for the entire life of the loan. Finally, USDA loans are only available for primary homes. They do not apply to vacation houses or investment property.

Below are the pros and cons of choosing a USDA loan. Reviewed together, it should help you determine whether this option is right for you:

ProsCons
Zero downpayment, 100% financingGeographic restrictions – USDA areas only
Relaxed qualifying standardsIncome limits may prevent you from obtaining USDA loans
Offers low fixed interest ratesGuarantee fee – paid for the entire life of the loan
Requires no cash reservesStrict home appraisal standards
Can make it difficult to approve homes that need fixes
You can finance repairs and closing costs into a loanOnly valid for primary residences
No prepayment penaltyMay come with prepayment penalty

Staying On Top of Mortgage Payments

Monthly payments schedule.

USDA loans are commonly taken as a 30-year fixed-rate loan. The longer payment term allows many buyers to obtain a larger loan amount. And like all fixed-rate loans, this payment structure follows a traditional amortization schedule. The amortization schedule shows the amount of your monthly payments. It tells you how many payments you need to make to pay off your mortgage in the agreed term. Reviewing this document will help you get your finances in order.

The amortization table comes with a complete breakdown of your payments. It indicates how much is applied to your principal and interest.

  • Principal – The outstanding balance on your loan. It is the amount you owe your lender. A larger principal accrues much higher interest costs.
  • Interest – The amount lenders charge to service your loan. Interest costs grow larger the longer it takes to pay off your mortgage.

In a traditional loan, a larger portion of your payment goes toward interest during the first years of the term. Meanwhile, a smaller part of your payment goes to the principal, which reduces it at a slow pace. Toward the latter half of your loan, more of your payment goes toward the principal. Likewise, interest charges decrease. If you do not miss any payments, your loan should be paid within 30 years.

To reduce your principal faster, start making additional payments early into the term. A lower principal helps decrease your interest payments. Ultimately, if you keep making additional payments, it will help shorten your loan term. This will save you thousands of dollars on interest charges.

Knowing Your PITI Cost

Principal and interest payments are not the only expenses you must pay in a mortgage. It’s important to factor in property taxes and mortgage insurance. Taken collectively, this is referred to as the PITI cost – Principal, Interest, Taxes, and Insurance. Once you find your PITI cost, you will know the total amount you should set aside for monthly mortgage payments.

 

To generate a 30-year fixed-rate amortization schedule, use our calculator above.

The following table shows the amortization on a 30-year $250,000 home loan at 4.8% APR for a loan that begins next year. On this example loan, payments being on August 31, 2021 for a loan originated on July 31, 2021.

You can generate a similar printable table using the above calculator by clicking on the [Inline Schedule] button. If you would like to print out your amortization schedule please click on the [Printable Schedule] button.

Payment # Date Payment Principal Interest Balance
1 8/31/2021 $1,311.66 $311.66 $1,000.00 $249,688.34
2 9/30/2021 $1,311.66 $312.91 $998.75 $249,375.43
3 10/31/2021 $1,311.66 $314.16 $997.50 $249,061.27
4 11/30/2021 $1,311.66 $315.41 $996.25 $248,745.86
5 12/31/2021 $1,311.66 $316.68 $994.98 $248,429.18
Year 2021 $6,558.30 $1,570.82 $4,987.48 $248,429.18
6 1/31/2022 $1,311.66 $317.94 $993.72 $248,111.24
7 2/28/2022 $1,311.66 $319.22 $992.44 $247,792.02
8 3/31/2022 $1,311.66 $320.49 $991.17 $247,471.53
9 4/30/2022 $1,311.66 $321.77 $989.89 $247,149.76
10 5/31/2022 $1,311.66 $323.06 $988.60 $246,826.70
11 6/30/2022 $1,311.66 $324.35 $987.31 $246,502.35
12 7/31/2022 $1,311.66 $325.65 $986.01 $246,176.70
13 8/31/2022 $1,311.66 $326.95 $984.71 $245,849.75
14 9/30/2022 $1,311.66 $328.26 $983.40 $245,521.49
15 10/31/2022 $1,311.66 $329.57 $982.09 $245,191.92
16 11/30/2022 $1,311.66 $330.89 $980.77 $244,861.03
17 12/31/2022 $1,311.66 $332.22 $979.44 $244,528.81
Year 2022 $15,739.92 $3,900.37 $11,839.55 $244,528.81
18 1/31/2023 $1,311.66 $333.54 $978.12 $244,195.27
19 2/28/2023 $1,311.66 $334.88 $976.78 $243,860.39
20 3/31/2023 $1,311.66 $336.22 $975.44 $243,524.17
21 4/30/2023 $1,311.66 $337.56 $974.10 $243,186.61
22 5/31/2023 $1,311.66 $338.91 $972.75 $242,847.70
23 6/30/2023 $1,311.66 $340.27 $971.39 $242,507.43
24 7/31/2023 $1,311.66 $341.63 $970.03 $242,165.80
25 8/31/2023 $1,311.66 $343.00 $968.66 $241,822.80
26 9/30/2023 $1,311.66 $344.37 $967.29 $241,478.43
27 10/31/2023 $1,311.66 $345.75 $965.91 $241,132.68
28 11/30/2023 $1,311.66 $347.13 $964.53 $240,785.55
29 12/31/2023 $1,311.66 $348.52 $963.14 $240,437.03
Year 2023 $15,739.92 $4,091.78 $11,648.14 $240,437.03
30 1/31/2024 $1,311.66 $349.91 $961.75 $240,087.12
31 2/28/2024 $1,311.66 $351.31 $960.35 $239,735.81
32 3/31/2024 $1,311.66 $352.72 $958.94 $239,383.09
33 4/30/2024 $1,311.66 $354.13 $957.53 $239,028.96
34 5/31/2024 $1,311.66 $355.54 $956.12 $238,673.42
35 6/30/2024 $1,311.66 $356.97 $954.69 $238,316.45
36 7/31/2024 $1,311.66 $358.39 $953.27 $237,958.06
37 8/31/2024 $1,311.66 $359.83 $951.83 $237,598.23
38 9/30/2024 $1,311.66 $361.27 $950.39 $237,236.96
39 10/31/2024 $1,311.66 $362.71 $948.95 $236,874.25
40 11/30/2024 $1,311.66 $364.16 $947.50 $236,510.09
41 12/31/2024 $1,311.66 $365.62 $946.04 $236,144.47
Year 2024 $15,739.92 $4,292.56 $11,447.36 $236,144.47
42 1/31/2025 $1,311.66 $367.08 $944.58 $235,777.39
43 2/28/2025 $1,311.66 $368.55 $943.11 $235,408.84
44 3/31/2025 $1,311.66 $370.02 $941.64 $235,038.82
45 4/30/2025 $1,311.66 $371.50 $940.16 $234,667.32
46 5/31/2025 $1,311.66 $372.99 $938.67 $234,294.33
47 6/30/2025 $1,311.66 $374.48 $937.18 $233,919.85
48 7/31/2025 $1,311.66 $375.98 $935.68 $233,543.87
49 8/31/2025 $1,311.66 $377.48 $934.18 $233,166.39
50 9/30/2025 $1,311.66 $378.99 $932.67 $232,787.40
51 10/31/2025 $1,311.66 $380.51 $931.15 $232,406.89
52 11/30/2025 $1,311.66 $382.03 $929.63 $232,024.86
53 12/31/2025 $1,311.66 $383.56 $928.10 $231,641.30
Year 2025 $15,739.92 $4,503.17 $11,236.75 $231,641.30
54 1/31/2026 $1,311.66 $385.09 $926.57 $231,256.21
55 2/28/2026 $1,311.66 $386.64 $925.02 $230,869.57
56 3/31/2026 $1,311.66 $388.18 $923.48 $230,481.39
57 4/30/2026 $1,311.66 $389.73 $921.93 $230,091.66
58 5/31/2026 $1,311.66 $391.29 $920.37 $229,700.37
59 6/30/2026 $1,311.66 $392.86 $918.80 $229,307.51
60 7/31/2026 $1,311.66 $394.43 $917.23 $228,913.08
61 8/31/2026 $1,311.66 $396.01 $915.65 $228,517.07
62 9/30/2026 $1,311.66 $397.59 $914.07 $228,119.48
63 10/31/2026 $1,311.66 $399.18 $912.48 $227,720.30
64 11/30/2026 $1,311.66 $400.78 $910.88 $227,319.52
65 12/31/2026 $1,311.66 $402.38 $909.28 $226,917.14
Year 2026 $15,739.92 $4,724.16 $11,015.76 $226,917.14
66 1/31/2027 $1,311.66 $403.99 $907.67 $226,513.15
67 2/28/2027 $1,311.66 $405.61 $906.05 $226,107.54
68 3/31/2027 $1,311.66 $407.23 $904.43 $225,700.31
69 4/30/2027 $1,311.66 $408.86 $902.80 $225,291.45
70 5/31/2027 $1,311.66 $410.49 $901.17 $224,880.96
71 6/30/2027 $1,311.66 $412.14 $899.52 $224,468.82
72 7/31/2027 $1,311.66 $413.78 $897.88 $224,055.04
73 8/31/2027 $1,311.66 $415.44 $896.22 $223,639.60
74 9/30/2027 $1,311.66 $417.10 $894.56 $223,222.50
75 10/31/2027 $1,311.66 $418.77 $892.89 $222,803.73
76 11/30/2027 $1,311.66 $420.45 $891.21 $222,383.28
77 12/31/2027 $1,311.66 $422.13 $889.53 $221,961.15
Year 2027 $15,739.92 $4,955.99 $10,783.93 $221,961.15
78 1/31/2028 $1,311.66 $423.82 $887.84 $221,537.33
79 2/28/2028 $1,311.66 $425.51 $886.15 $221,111.82
80 3/31/2028 $1,311.66 $427.21 $884.45 $220,684.61
81 4/30/2028 $1,311.66 $428.92 $882.74 $220,255.69
82 5/31/2028 $1,311.66 $430.64 $881.02 $219,825.05
83 6/30/2028 $1,311.66 $432.36 $879.30 $219,392.69
84 7/31/2028 $1,311.66 $434.09 $877.57 $218,958.60
85 8/31/2028 $1,311.66 $435.83 $875.83 $218,522.77
86 9/30/2028 $1,311.66 $437.57 $874.09 $218,085.20
87 10/31/2028 $1,311.66 $439.32 $872.34 $217,645.88
88 11/30/2028 $1,311.66 $441.08 $870.58 $217,204.80
89 12/31/2028 $1,311.66 $442.84 $868.82 $216,761.96
Year 2028 $15,739.92 $5,199.19 $10,540.73 $216,761.96
90 1/31/2029 $1,311.66 $444.61 $867.05 $216,317.35
91 2/28/2029 $1,311.66 $446.39 $865.27 $215,870.96
92 3/31/2029 $1,311.66 $448.18 $863.48 $215,422.78
93 4/30/2029 $1,311.66 $449.97 $861.69 $214,972.81
94 5/31/2029 $1,311.66 $451.77 $859.89 $214,521.04
95 6/30/2029 $1,311.66 $453.58 $858.08 $214,067.46
96 7/31/2029 $1,311.66 $455.39 $856.27 $213,612.07
97 8/31/2029 $1,311.66 $457.21 $854.45 $213,154.86
98 9/30/2029 $1,311.66 $459.04 $852.62 $212,695.82
99 10/31/2029 $1,311.66 $460.88 $850.78 $212,234.94
100 11/30/2029 $1,311.66 $462.72 $848.94 $211,772.22
101 12/31/2029 $1,311.66 $464.57 $847.09 $211,307.65
Year 2029 $15,739.92 $5,454.31 $10,285.61 $211,307.65
102 1/31/2030 $1,311.66 $466.43 $845.23 $210,841.22
103 2/28/2030 $1,311.66 $468.30 $843.36 $210,372.92
104 3/31/2030 $1,311.66 $470.17 $841.49 $209,902.75
105 4/30/2030 $1,311.66 $472.05 $839.61 $209,430.70
106 5/31/2030 $1,311.66 $473.94 $837.72 $208,956.76
107 6/30/2030 $1,311.66 $475.83 $835.83 $208,480.93
108 7/31/2030 $1,311.66 $477.74 $833.92 $208,003.19
109 8/31/2030 $1,311.66 $479.65 $832.01 $207,523.54
110 9/30/2030 $1,311.66 $481.57 $830.09 $207,041.97
111 10/31/2030 $1,311.66 $483.49 $828.17 $206,558.48
112 11/30/2030 $1,311.66 $485.43 $826.23 $206,073.05
113 12/31/2030 $1,311.66 $487.37 $824.29 $205,585.68
Year 2030 $15,739.92 $5,721.97 $10,017.95 $205,585.68
114 1/31/2031 $1,311.66 $489.32 $822.34 $205,096.36
115 2/28/2031 $1,311.66 $491.27 $820.39 $204,605.09
116 3/31/2031 $1,311.66 $493.24 $818.42 $204,111.85
117 4/30/2031 $1,311.66 $495.21 $816.45 $203,616.64
118 5/31/2031 $1,311.66 $497.19 $814.47 $203,119.45
119 6/30/2031 $1,311.66 $499.18 $812.48 $202,620.27
120 7/31/2031 $1,311.66 $501.18 $810.48 $202,119.09
121 8/31/2031 $1,311.66 $503.18 $808.48 $201,615.91
122 9/30/2031 $1,311.66 $505.20 $806.46 $201,110.71
123 10/31/2031 $1,311.66 $507.22 $804.44 $200,603.49
124 11/30/2031 $1,311.66 $509.25 $802.41 $200,094.24
125 12/31/2031 $1,311.66 $511.28 $800.38 $199,582.96
Year 2031 $15,739.92 $6,002.72 $9,737.20 $199,582.96
126 1/31/2032 $1,311.66 $513.33 $798.33 $199,069.63
127 2/28/2032 $1,311.66 $515.38 $796.28 $198,554.25
128 3/31/2032 $1,311.66 $517.44 $794.22 $198,036.81
129 4/30/2032 $1,311.66 $519.51 $792.15 $197,517.30
130 5/31/2032 $1,311.66 $521.59 $790.07 $196,995.71
131 6/30/2032 $1,311.66 $523.68 $787.98 $196,472.03
132 7/31/2032 $1,311.66 $525.77 $785.89 $195,946.26
133 8/31/2032 $1,311.66 $527.87 $783.79 $195,418.39
134 9/30/2032 $1,311.66 $529.99 $781.67 $194,888.40
135 10/31/2032 $1,311.66 $532.11 $779.55 $194,356.29
136 11/30/2032 $1,311.66 $534.23 $777.43 $193,822.06
137 12/31/2032 $1,311.66 $536.37 $775.29 $193,285.69
Year 2032 $15,739.92 $6,297.27 $9,442.65 $193,285.69
138 1/31/2033 $1,311.66 $538.52 $773.14 $192,747.17
139 2/28/2033 $1,311.66 $540.67 $770.99 $192,206.50
140 3/31/2033 $1,311.66 $542.83 $768.83 $191,663.67
141 4/30/2033 $1,311.66 $545.01 $766.65 $191,118.66
142 5/31/2033 $1,311.66 $547.19 $764.47 $190,571.47
143 6/30/2033 $1,311.66 $549.37 $762.29 $190,022.10
144 7/31/2033 $1,311.66 $551.57 $760.09 $189,470.53
145 8/31/2033 $1,311.66 $553.78 $757.88 $188,916.75
146 9/30/2033 $1,311.66 $555.99 $755.67 $188,360.76
147 10/31/2033 $1,311.66 $558.22 $753.44 $187,802.54
148 11/30/2033 $1,311.66 $560.45 $751.21 $187,242.09
149 12/31/2033 $1,311.66 $562.69 $748.97 $186,679.40
Year 2033 $15,739.92 $6,606.29 $9,133.63 $186,679.40
150 1/31/2034 $1,311.66 $564.94 $746.72 $186,114.46
151 2/28/2034 $1,311.66 $567.20 $744.46 $185,547.26
152 3/31/2034 $1,311.66 $569.47 $742.19 $184,977.79
153 4/30/2034 $1,311.66 $571.75 $739.91 $184,406.04
154 5/31/2034 $1,311.66 $574.04 $737.62 $183,832.00
155 6/30/2034 $1,311.66 $576.33 $735.33 $183,255.67
156 7/31/2034 $1,311.66 $578.64 $733.02 $182,677.03
157 8/31/2034 $1,311.66 $580.95 $730.71 $182,096.08
158 9/30/2034 $1,311.66 $583.28 $728.38 $181,512.80
159 10/31/2034 $1,311.66 $585.61 $726.05 $180,927.19
160 11/30/2034 $1,311.66 $587.95 $723.71 $180,339.24
161 12/31/2034 $1,311.66 $590.30 $721.36 $179,748.94
Year 2034 $15,739.92 $6,930.46 $8,809.46 $179,748.94
162 1/31/2035 $1,311.66 $592.66 $719.00 $179,156.28
163 2/28/2035 $1,311.66 $595.03 $716.63 $178,561.25
164 3/31/2035 $1,311.66 $597.41 $714.25 $177,963.84
165 4/30/2035 $1,311.66 $599.80 $711.86 $177,364.04
166 5/31/2035 $1,311.66 $602.20 $709.46 $176,761.84
167 6/30/2035 $1,311.66 $604.61 $707.05 $176,157.23
168 7/31/2035 $1,311.66 $607.03 $704.63 $175,550.20
169 8/31/2035 $1,311.66 $609.46 $702.20 $174,940.74
170 9/30/2035 $1,311.66 $611.90 $699.76 $174,328.84
171 10/31/2035 $1,311.66 $614.34 $697.32 $173,714.50
172 11/30/2035 $1,311.66 $616.80 $694.86 $173,097.70
173 12/31/2035 $1,311.66 $619.27 $692.39 $172,478.43
Year 2035 $15,739.92 $7,270.51 $8,469.41 $172,478.43
174 1/31/2036 $1,311.66 $621.75 $689.91 $171,856.68
175 2/28/2036 $1,311.66 $624.23 $687.43 $171,232.45
176 3/31/2036 $1,311.66 $626.73 $684.93 $170,605.72
177 4/30/2036 $1,311.66 $629.24 $682.42 $169,976.48
178 5/31/2036 $1,311.66 $631.75 $679.91 $169,344.73
179 6/30/2036 $1,311.66 $634.28 $677.38 $168,710.45
180 7/31/2036 $1,311.66 $636.82 $674.84 $168,073.63
181 8/31/2036 $1,311.66 $639.37 $672.29 $167,434.26
182 9/30/2036 $1,311.66 $641.92 $669.74 $166,792.34
183 10/31/2036 $1,311.66 $644.49 $667.17 $166,147.85
184 11/30/2036 $1,311.66 $647.07 $664.59 $165,500.78
185 12/31/2036 $1,311.66 $649.66 $662.00 $164,851.12
Year 2036 $15,739.92 $7,627.31 $8,112.61 $164,851.12
186 1/31/2037 $1,311.66 $652.26 $659.40 $164,198.86
187 2/28/2037 $1,311.66 $654.86 $656.80 $163,544.00
188 3/31/2037 $1,311.66 $657.48 $654.18 $162,886.52
189 4/30/2037 $1,311.66 $660.11 $651.55 $162,226.41
190 5/31/2037 $1,311.66 $662.75 $648.91 $161,563.66
191 6/30/2037 $1,311.66 $665.41 $646.25 $160,898.25
192 7/31/2037 $1,311.66 $668.07 $643.59 $160,230.18
193 8/31/2037 $1,311.66 $670.74 $640.92 $159,559.44
194 9/30/2037 $1,311.66 $673.42 $638.24 $158,886.02
195 10/31/2037 $1,311.66 $676.12 $635.54 $158,209.90
196 11/30/2037 $1,311.66 $678.82 $632.84 $157,531.08
197 12/31/2037 $1,311.66 $681.54 $630.12 $156,849.54
Year 2037 $15,739.92 $8,001.58 $7,738.34 $156,849.54
198 1/31/2038 $1,311.66 $684.26 $627.40 $156,165.28
199 2/28/2038 $1,311.66 $687.00 $624.66 $155,478.28
200 3/31/2038 $1,311.66 $689.75 $621.91 $154,788.53
201 4/30/2038 $1,311.66 $692.51 $619.15 $154,096.02
202 5/31/2038 $1,311.66 $695.28 $616.38 $153,400.74
203 6/30/2038 $1,311.66 $698.06 $613.60 $152,702.68
204 7/31/2038 $1,311.66 $700.85 $610.81 $152,001.83
205 8/31/2038 $1,311.66 $703.65 $608.01 $151,298.18
206 9/30/2038 $1,311.66 $706.47 $605.19 $150,591.71
207 10/31/2038 $1,311.66 $709.29 $602.37 $149,882.42
208 11/30/2038 $1,311.66 $712.13 $599.53 $149,170.29
209 12/31/2038 $1,311.66 $714.98 $596.68 $148,455.31
Year 2038 $15,739.92 $8,394.23 $7,345.69 $148,455.31
210 1/31/2039 $1,311.66 $717.84 $593.82 $147,737.47
211 2/28/2039 $1,311.66 $720.71 $590.95 $147,016.76
212 3/31/2039 $1,311.66 $723.59 $588.07 $146,293.17
213 4/30/2039 $1,311.66 $726.49 $585.17 $145,566.68
214 5/31/2039 $1,311.66 $729.39 $582.27 $144,837.29
215 6/30/2039 $1,311.66 $732.31 $579.35 $144,104.98
216 7/31/2039 $1,311.66 $735.24 $576.42 $143,369.74
217 8/31/2039 $1,311.66 $738.18 $573.48 $142,631.56
218 9/30/2039 $1,311.66 $741.13 $570.53 $141,890.43
219 10/31/2039 $1,311.66 $744.10 $567.56 $141,146.33
220 11/30/2039 $1,311.66 $747.07 $564.59 $140,399.26
221 12/31/2039 $1,311.66 $750.06 $561.60 $139,649.20
Year 2039 $15,739.92 $8,806.11 $6,933.81 $139,649.20
222 1/31/2040 $1,311.66 $753.06 $558.60 $138,896.14
223 2/28/2040 $1,311.66 $756.08 $555.58 $138,140.06
224 3/31/2040 $1,311.66 $759.10 $552.56 $137,380.96
225 4/30/2040 $1,311.66 $762.14 $549.52 $136,618.82
226 5/31/2040 $1,311.66 $765.18 $546.48 $135,853.64
227 6/30/2040 $1,311.66 $768.25 $543.41 $135,085.39
228 7/31/2040 $1,311.66 $771.32 $540.34 $134,314.07
229 8/31/2040 $1,311.66 $774.40 $537.26 $133,539.67
230 9/30/2040 $1,311.66 $777.50 $534.16 $132,762.17
231 10/31/2040 $1,311.66 $780.61 $531.05 $131,981.56
232 11/30/2040 $1,311.66 $783.73 $527.93 $131,197.83
233 12/31/2040 $1,311.66 $786.87 $524.79 $130,410.96
Year 2040 $15,739.92 $9,238.24 $6,501.68 $130,410.96
234 1/31/2041 $1,311.66 $790.02 $521.64 $129,620.94
235 2/28/2041 $1,311.66 $793.18 $518.48 $128,827.76
236 3/31/2041 $1,311.66 $796.35 $515.31 $128,031.41
237 4/30/2041 $1,311.66 $799.53 $512.13 $127,231.88
238 5/31/2041 $1,311.66 $802.73 $508.93 $126,429.15
239 6/30/2041 $1,311.66 $805.94 $505.72 $125,623.21
240 7/31/2041 $1,311.66 $809.17 $502.49 $124,814.04
241 8/31/2041 $1,311.66 $812.40 $499.26 $124,001.64
242 9/30/2041 $1,311.66 $815.65 $496.01 $123,185.99
243 10/31/2041 $1,311.66 $818.92 $492.74 $122,367.07
244 11/30/2041 $1,311.66 $822.19 $489.47 $121,544.88
245 12/31/2041 $1,311.66 $825.48 $486.18 $120,719.40
Year 2041 $15,739.92 $9,691.56 $6,048.36 $120,719.40
246 1/31/2042 $1,311.66 $828.78 $482.88 $119,890.62
247 2/28/2042 $1,311.66 $832.10 $479.56 $119,058.52
248 3/31/2042 $1,311.66 $835.43 $476.23 $118,223.09
249 4/30/2042 $1,311.66 $838.77 $472.89 $117,384.32
250 5/31/2042 $1,311.66 $842.12 $469.54 $116,542.20
251 6/30/2042 $1,311.66 $845.49 $466.17 $115,696.71
252 7/31/2042 $1,311.66 $848.87 $462.79 $114,847.84
253 8/31/2042 $1,311.66 $852.27 $459.39 $113,995.57
254 9/30/2042 $1,311.66 $855.68 $455.98 $113,139.89
255 10/31/2042 $1,311.66 $859.10 $452.56 $112,280.79
256 11/30/2042 $1,311.66 $862.54 $449.12 $111,418.25
257 12/31/2042 $1,311.66 $865.99 $445.67 $110,552.26
Year 2042 $15,739.92 $10,167.14 $5,572.78 $110,552.26
258 1/31/2043 $1,311.66 $869.45 $442.21 $109,682.81
259 2/28/2043 $1,311.66 $872.93 $438.73 $108,809.88
260 3/31/2043 $1,311.66 $876.42 $435.24 $107,933.46
261 4/30/2043 $1,311.66 $879.93 $431.73 $107,053.53
262 5/31/2043 $1,311.66 $883.45 $428.21 $106,170.08
263 6/30/2043 $1,311.66 $886.98 $424.68 $105,283.10
264 7/31/2043 $1,311.66 $890.53 $421.13 $104,392.57
265 8/31/2043 $1,311.66 $894.09 $417.57 $103,498.48
266 9/30/2043 $1,311.66 $897.67 $413.99 $102,600.81
267 10/31/2043 $1,311.66 $901.26 $410.40 $101,699.55
268 11/30/2043 $1,311.66 $904.86 $406.80 $100,794.69
269 12/31/2043 $1,311.66 $908.48 $403.18 $99,886.21
Year 2043 $15,739.92 $10,666.05 $5,073.87 $99,886.21
270 1/31/2044 $1,311.66 $912.12 $399.54 $98,974.09
271 2/28/2044 $1,311.66 $915.76 $395.90 $98,058.33
272 3/31/2044 $1,311.66 $919.43 $392.23 $97,138.90
273 4/30/2044 $1,311.66 $923.10 $388.56 $96,215.80
274 5/31/2044 $1,311.66 $926.80 $384.86 $95,289.00
275 6/30/2044 $1,311.66 $930.50 $381.16 $94,358.50
276 7/31/2044 $1,311.66 $934.23 $377.43 $93,424.27
277 8/31/2044 $1,311.66 $937.96 $373.70 $92,486.31
278 9/30/2044 $1,311.66 $941.71 $369.95 $91,544.60
279 10/31/2044 $1,311.66 $945.48 $366.18 $90,599.12
280 11/30/2044 $1,311.66 $949.26 $362.40 $89,649.86
281 12/31/2044 $1,311.66 $953.06 $358.60 $88,696.80
Year 2044 $15,739.92 $11,189.41 $4,550.51 $88,696.80
282 1/31/2045 $1,311.66 $956.87 $354.79 $87,739.93
283 2/28/2045 $1,311.66 $960.70 $350.96 $86,779.23
284 3/31/2045 $1,311.66 $964.54 $347.12 $85,814.69
285 4/30/2045 $1,311.66 $968.40 $343.26 $84,846.29
286 5/31/2045 $1,311.66 $972.27 $339.39 $83,874.02
287 6/30/2045 $1,311.66 $976.16 $335.50 $82,897.86
288 7/31/2045 $1,311.66 $980.07 $331.59 $81,917.79
289 8/31/2045 $1,311.66 $983.99 $327.67 $80,933.80
290 9/30/2045 $1,311.66 $987.92 $323.74 $79,945.88
291 10/31/2045 $1,311.66 $991.88 $319.78 $78,954.00
292 11/30/2045 $1,311.66 $995.84 $315.82 $77,958.16
293 12/31/2045 $1,311.66 $999.83 $311.83 $76,958.33
Year 2045 $15,739.92 $11,738.47 $4,001.45 $76,958.33
294 1/31/2046 $1,311.66 $1,003.83 $307.83 $75,954.50
295 2/28/2046 $1,311.66 $1,007.84 $303.82 $74,946.66
296 3/31/2046 $1,311.66 $1,011.87 $299.79 $73,934.79
297 4/30/2046 $1,311.66 $1,015.92 $295.74 $72,918.87
298 5/31/2046 $1,311.66 $1,019.98 $291.68 $71,898.89
299 6/30/2046 $1,311.66 $1,024.06 $287.60 $70,874.83
300 7/31/2046 $1,311.66 $1,028.16 $283.50 $69,846.67
301 8/31/2046 $1,311.66 $1,032.27 $279.39 $68,814.40
302 9/30/2046 $1,311.66 $1,036.40 $275.26 $67,778.00
303 10/31/2046 $1,311.66 $1,040.55 $271.11 $66,737.45
304 11/30/2046 $1,311.66 $1,044.71 $266.95 $65,692.74
305 12/31/2046 $1,311.66 $1,048.89 $262.77 $64,643.85
Year 2046 $15,739.92 $12,314.48 $3,425.44 $64,643.85
306 1/31/2047 $1,311.66 $1,053.08 $258.58 $63,590.77
307 2/28/2047 $1,311.66 $1,057.30 $254.36 $62,533.47
308 3/31/2047 $1,311.66 $1,061.53 $250.13 $61,471.94
309 4/30/2047 $1,311.66 $1,065.77 $245.89 $60,406.17
310 5/31/2047 $1,311.66 $1,070.04 $241.62 $59,336.13
311 6/30/2047 $1,311.66 $1,074.32 $237.34 $58,261.81
312 7/31/2047 $1,311.66 $1,078.61 $233.05 $57,183.20
313 8/31/2047 $1,311.66 $1,082.93 $228.73 $56,100.27
314 9/30/2047 $1,311.66 $1,087.26 $224.40 $55,013.01
315 10/31/2047 $1,311.66 $1,091.61 $220.05 $53,921.40
316 11/30/2047 $1,311.66 $1,095.97 $215.69 $52,825.43
317 12/31/2047 $1,311.66 $1,100.36 $211.30 $51,725.07
Year 2047 $15,739.92 $12,918.78 $2,821.14 $51,725.07
318 1/31/2048 $1,311.66 $1,104.76 $206.90 $50,620.31
319 2/28/2048 $1,311.66 $1,109.18 $202.48 $49,511.13
320 3/31/2048 $1,311.66 $1,113.62 $198.04 $48,397.51
321 4/30/2048 $1,311.66 $1,118.07 $193.59 $47,279.44
322 5/31/2048 $1,311.66 $1,122.54 $189.12 $46,156.90
323 6/30/2048 $1,311.66 $1,127.03 $184.63 $45,029.87
324 7/31/2048 $1,311.66 $1,131.54 $180.12 $43,898.33
325 8/31/2048 $1,311.66 $1,136.07 $175.59 $42,762.26
326 9/30/2048 $1,311.66 $1,140.61 $171.05 $41,621.65
327 10/31/2048 $1,311.66 $1,145.17 $166.49 $40,476.48
328 11/30/2048 $1,311.66 $1,149.75 $161.91 $39,326.73
329 12/31/2048 $1,311.66 $1,154.35 $157.31 $38,172.38
Year 2048 $15,739.92 $13,552.69 $2,187.23 $38,172.38
330 1/31/2049 $1,311.66 $1,158.97 $152.69 $37,013.41
331 2/28/2049 $1,311.66 $1,163.61 $148.05 $35,849.80
332 3/31/2049 $1,311.66 $1,168.26 $143.40 $34,681.54
333 4/30/2049 $1,311.66 $1,172.93 $138.73 $33,508.61
334 5/31/2049 $1,311.66 $1,177.63 $134.03 $32,330.98
335 6/30/2049 $1,311.66 $1,182.34 $129.32 $31,148.64
336 7/31/2049 $1,311.66 $1,187.07 $124.59 $29,961.57
337 8/31/2049 $1,311.66 $1,191.81 $119.85 $28,769.76
338 9/30/2049 $1,311.66 $1,196.58 $115.08 $27,573.18
339 10/31/2049 $1,311.66 $1,201.37 $110.29 $26,371.81
340 11/30/2049 $1,311.66 $1,206.17 $105.49 $25,165.64
341 12/31/2049 $1,311.66 $1,211.00 $100.66 $23,954.64
Year 2049 $15,739.92 $14,217.74 $1,522.18 $23,954.64
342 1/31/2050 $1,311.66 $1,215.84 $95.82 $22,738.80
343 2/28/2050 $1,311.66 $1,220.70 $90.96 $21,518.10
344 3/31/2050 $1,311.66 $1,225.59 $86.07 $20,292.51
345 4/30/2050 $1,311.66 $1,230.49 $81.17 $19,062.02
346 5/31/2050 $1,311.66 $1,235.41 $76.25 $17,826.61
347 6/30/2050 $1,311.66 $1,240.35 $71.31 $16,586.26
348 7/31/2050 $1,311.66 $1,245.31 $66.35 $15,340.95
349 8/31/2050 $1,311.66 $1,250.30 $61.36 $14,090.65
350 9/30/2050 $1,311.66 $1,255.30 $56.36 $12,835.35
351 10/31/2050 $1,311.66 $1,260.32 $51.34 $11,575.03
352 11/30/2050 $1,311.66 $1,265.36 $46.30 $10,309.67
353 12/31/2050 $1,311.66 $1,270.42 $41.24 $9,039.25
Year 2050 $15,739.92 $14,915.39 $824.53 $9,039.25
354 1/31/2051 $1,311.66 $1,275.50 $36.16 $7,763.75
355 2/28/2051 $1,311.66 $1,280.60 $31.06 $6,483.15
356 3/31/2051 $1,311.66 $1,285.73 $25.93 $5,197.42
357 4/30/2051 $1,311.66 $1,290.87 $20.79 $3,906.55
358 5/31/2051 $1,311.66 $1,296.03 $15.63 $2,610.52
359 6/30/2051 $1,311.66 $1,301.22 $10.44 $1,309.30
360 7/31/2051 $1,314.54 $1,309.30 $5.24 $0.00
Year 2051 $9,184.50 $9,039.25 $145.25 $0.00

In Conclusion

USDA loans are a great option for homebuyers looking for affordable financing, specifically in the suburbs and rural areas. It requires no downpayment which makes it attractive for buyers with limited income. This option offers one of the lowest rates among government-backed loans.

On the downside, USDA loans impose an annual guarantee fee that must be paid for the entire loan. You’ll also need to find a primary residence in a USDA-approved area. If your combined home income is high, you might not qualify for this mortgage. Government-backed loans also impose strict home appraisals, making upper-fixer homes harder to approve.

In conclusion, if you have a good credit score with ample funds, it’s better to take a conventional loan. In later years of the loan term borrowers save money on conventional loans because PMI is canceled when the mortgage reaches 78 percent of the home’s value. However, if you have a low credit score or a limited downpayment, USDA loans may work for you. Just make sure to find a house in a qualified USDA area.