Reply
Contributor
Posts: 110
Registered: ‎01-20-2012
0

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

Moderator
Posts: 17,026
Registered: ‎07-14-2009
0

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.

Contributor
Posts: 110
Registered: ‎01-20-2012
0

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!

Moderator
Posts: 17,026
Registered: ‎07-14-2009
0

Re: How much will the payment be? usda direct

[ Edited ]

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.

Contributor
Posts: 90
Registered: ‎03-29-2010
0

Re: How much will the payment be? usda direct

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

 

 


Starting Score: 700
Current Score: 749 EQ / 760 TU
Goal Score: 760+


Take the FICO Fitness Challenge
Member
Posts: 12
Registered: ‎02-23-2012
0

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.
Established Member
Posts: 52
Registered: ‎02-20-2012
0

Re: How much will the payment be? usda direct

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

Contributor
Posts: 110
Registered: ‎01-20-2012
0

Re: How much will the payment be? usda direct

Thanks so much for the super smooth math skills MarineVietVet  :smileyhappy:

Contributor
Posts: 110
Registered: ‎01-20-2012
0

Re: How much will the payment be? usda direct

[ Edited ]

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

It's a lot of work, patience, and doing things the right way and sticking to it that is getting us there :smileyhappy:...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 :smileysad:

Moderator
Posts: 17,026
Registered: ‎07-14-2009
0

Re: How much will the payment be? usda direct


SuzyStellar wrote:

Thanks so much for the super smooth math skills MarineVietVet  :smileyhappy:


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

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.