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How much will the payment be? usda direct

Contributor

How much will the payment be? usda direct

If we took out $150,000 and our intrest rate is 3.25 what will our payment be?....or is their more to it?  I am pretty sure the usda has some type of special calculator to figure this out, but I was hoping someone may have the same type of loan with around the same balance?  Thanks

Message 1 of 10
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Moderator Emeritus

Re: How much will the payment be? usda direct


SuzyStellar wrote:

If we took out $150,000 and our intrest rate is 3.25 what will our payment be?....or is their more to it?  I am pretty sure the usda has some type of special calculator to figure this out, but I was hoping someone may have the same type of loan with around the same balance?  Thanks



You don't say how long the terms are but I came up with these. But this is just for principal and interest. You will need to add in taxes and insurance.

 

30 years                      $652.81

15 years                      $1,054.00

 

Unless USDA is different than calculating other mortgages. I don't know about that.

Message 2 of 10
Contributor

Re: How much will the payment be? usda direct

Thanks!  The letter says 33 years, the taxes are $3300year and the insurance was thought to be around $600 year.  Thanks again!

Message 3 of 10
Moderator Emeritus

Re: How much will the payment be? usda direct


SuzyStellar wrote:

Thanks!  The letter says 33 years, the taxes are $3300year and the insurance was thought to be around $600 year.  Thanks again!



Then you would add about $325 to the monthly payments.

 

33 years @ 3.25% = $618.01 Principlal and Interest

                                     ~$325 Taxes and Insurance

Monthly payment         ~ $943

 

Edited to smooth out formatting.

Message 4 of 10
Contributor

Re: How much will the payment be? usda direct

Wow, are USDA Direct loans APR really that low compared to FHA (4.0%, etc) ?

 

 

Message 5 of 10
Member

Re: How much will the payment be? usda direct

Yes the APR is 3.25 % the same time last year it was 4.75% it could Change next month to a higher or lower APR.
Message 6 of 10
Established Member

Re: How much will the payment be? usda direct

3.25 is awesome! Was that based on the credit scores in your signature?

Message 7 of 10
Contributor

Re: How much will the payment be? usda direct

Thanks so much for the super smooth math skills MarineVietVet  Smiley Happy

Message 8 of 10
Contributor

Re: How much will the payment be? usda direct

Yodafer...lol..if I could get a loan with just those scores I would have been in my house for years already Smiley Tongue

It's a lot of work, patience, and doing things the right way and sticking to it that is getting us there Smiley Happy...might sound like not the right thing to say, but it helps that we are considered poor.  Unfortunately I think lots of people are poor these days Smiley Sad

Message 9 of 10
Moderator Emeritus

Re: How much will the payment be? usda direct


SuzyStellar wrote:

Thanks so much for the super smooth math skills MarineVietVet  Smiley Happy


You're welcome but I keep waiting for someone to come along and say "No you idiot the numbers should look like this".   Smiley Happy

Message 10 of 10