Reply
Contributor
SuzyStellar
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
MarineVietVet
Posts: 14,945
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
SuzyStellar
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
MarineVietVet
Posts: 14,945
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
seemund
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
flusda
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
Yodafer
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
SuzyStellar
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
SuzyStellar
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
MarineVietVet
Posts: 14,945
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:


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}