USDA Loan worksheet

1. Total monthly payment, first year: $1,898.55

1. Find the base loan: the price minus your down payment

   $\mathrm{\$250,000.00}-\mathrm{\$0.00}$$=\mathrm{\$250,000.00}$

2. You pay the 1% upfront fee at closing, so the loan stays the same

   $\mathrm{\$250,000.00}\times \mathrm{1\%}$$=\mathrm{\$2,500.00}$

3. Find the loan payment. A standard formula finds the one amount that clears the loan in 360 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$250,000.00}\times 0.00541667}{1-{\left(1+0.00541667\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,580.17}$

4. Find the first year's annual fee: 0.35% of the average balance that year, split over 12 months

   $\frac{\mathrm{\$248,734.26}\times \mathrm{0.35\%}}{12}$$=\mathrm{\$72.55}$

5. Add everything you pay each month: the loan, the annual fee, property tax and insurance

   $\mathrm{\$1,580.17}+\mathrm{\$72.55}+\mathrm{\$166.67}+\mathrm{\$79.17}$$=\mathrm{\$1,898.55}$

2. Total monthly payment, first year: $1,963.10

1. Find the base loan: the price minus your down payment

   $\mathrm{\$230,000.00}-\mathrm{\$0.00}$$=\mathrm{\$230,000.00}$

2. Add the 1% upfront fee to the loan. USDA divides by 0.99, because the fee is charged on the larger total

   $\frac{\mathrm{\$230,000.00}}{0.99}$$=\mathrm{\$232,323.23}$

3. Find the loan payment. A standard formula finds the one amount that clears the loan in 360 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$232,323.23}\times 0.00583333}{1-{\left(1+0.00583333\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,545.65}$

4. Find the first year's annual fee: 0.35% of the average balance that year, split over 12 months

   $\frac{\mathrm{\$231,255.21}\times \mathrm{0.35\%}}{12}$$=\mathrm{\$67.45}$

5. Add everything you pay each month: the loan, the annual fee, property tax and insurance

   $\mathrm{\$1,545.65}+\mathrm{\$67.45}+\mathrm{\$233.33}+\mathrm{\$116.67}$$=\mathrm{\$1,963.10}$

3. Total monthly payment, first year: $1,609.51

1. Find the base loan: the price minus your down payment

   $\mathrm{\$220,000.00}-\mathrm{\$0.00}$$=\mathrm{\$220,000.00}$

2. Add the 1% upfront fee to the loan. USDA divides by 0.99, because the fee is charged on the larger total

   $\frac{\mathrm{\$220,000.00}}{0.99}$$=\mathrm{\$222,222.22}$

3. Find the loan payment. A standard formula finds the one amount that clears the loan in 360 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$222,222.22}\times 0.00458333}{1-{\left(1+0.00458333\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,261.75}$

4. Find the first year's annual fee: 0.35% of the average balance that year, split over 12 months

   $\frac{\mathrm{\$220,863.78}\times \mathrm{0.35\%}}{12}$$=\mathrm{\$64.42}$

5. Add everything you pay each month: the loan, the annual fee, property tax and insurance

   $\mathrm{\$1,261.75}+\mathrm{\$64.42}+\mathrm{\$166.67}+\mathrm{\$116.67}$$=\mathrm{\$1,609.51}$

4. Total monthly payment, first year: $3,369.59

1. Find the base loan: the price minus your down payment

   $\mathrm{\$350,000.00}-\mathrm{\$0.00}$$=\mathrm{\$350,000.00}$

2. Add the 1% upfront fee to the loan. USDA divides by 0.99, because the fee is charged on the larger total

   $\frac{\mathrm{\$350,000.00}}{0.99}$$=\mathrm{\$353,535.35}$

3. Find the loan payment. A standard formula finds the one amount that clears the loan in 360 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$353,535.35}\times 0.00770833}{1-{\left(1+0.00770833\right)}^{\mathrm{-360}}}$$=\mathrm{\$2,908.45}$

4. Find the first year's annual fee: 0.35% of the average balance that year, split over 12 months

   $\frac{\mathrm{\$352,500.96}\times \mathrm{0.35\%}}{12}$$=\mathrm{\$102.81}$

5. Add everything you pay each month: the loan, the annual fee, property tax and insurance

   $\mathrm{\$2,908.45}+\mathrm{\$102.81}+\mathrm{\$250.00}+\mathrm{\$108.33}$$=\mathrm{\$3,369.59}$

5. Total monthly payment, first year: $1,620.40

1. Find the base loan: the price minus your down payment

   $\mathrm{\$240,000.00}-\mathrm{\$0.00}$$=\mathrm{\$240,000.00}$

2. You pay the 1% upfront fee at closing, so the loan stays the same

   $\mathrm{\$240,000.00}\times \mathrm{1\%}$$=\mathrm{\$2,400.00}$

3. Find the loan payment. A standard formula finds the one amount that clears the loan in 360 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$240,000.00}\times 0.00416667}{1-{\left(1+0.00416667\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,288.37}$

4. Find the first year's annual fee: 0.35% of the average balance that year, split over 12 months

   $\frac{\mathrm{\$238,391.72}\times \mathrm{0.35\%}}{12}$$=\mathrm{\$69.53}$

5. Add everything you pay each month: the loan, the annual fee, property tax and insurance

   $\mathrm{\$1,288.37}+\mathrm{\$69.53}+\mathrm{\$187.50}+\mathrm{\$75.00}$$=\mathrm{\$1,620.40}$

6. Total monthly payment, first year: $1,474.71

1. Find the base loan: the price minus your down payment

   $\mathrm{\$240,000.00}-\mathrm{\$0.00}$$=\mathrm{\$240,000.00}$

2. Add the 1% upfront fee to the loan. USDA divides by 0.99, because the fee is charged on the larger total

   $\frac{\mathrm{\$240,000.00}}{0.99}$$=\mathrm{\$242,424.24}$

3. Find the loan payment. A standard formula finds the one amount that clears the loan in 360 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$242,424.24}\times 0.00316667}{1-{\left(1+0.00316667\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,129.59}$

4. Find the first year's annual fee: 0.35% of the average balance that year, split over 12 months

   $\frac{\mathrm{\$240,412.54}\times \mathrm{0.35\%}}{12}$$=\mathrm{\$70.12}$

5. Add everything you pay each month: the loan, the annual fee, property tax and insurance

   $\mathrm{\$1,129.59}+\mathrm{\$70.12}+\mathrm{\$183.33}+\mathrm{\$91.67}$$=\mathrm{\$1,474.71}$

7. Total monthly payment, first year: $1,859.51

1. Find the base loan: the price minus your down payment

   $\mathrm{\$215,000.00}-\mathrm{\$0.00}$$=\mathrm{\$215,000.00}$

2. You pay the 1% upfront fee at closing, so the loan stays the same

   $\mathrm{\$215,000.00}\times \mathrm{1\%}$$=\mathrm{\$2,150.00}$

3. Find the loan payment. A standard formula finds the one amount that clears the loan in 360 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$215,000.00}\times 0.00625}{1-{\left(1+0.00625\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,503.31}$

4. Find the first year's annual fee: 0.35% of the average balance that year, split over 12 months

   $\frac{\mathrm{\$214,103.87}\times \mathrm{0.35\%}}{12}$$=\mathrm{\$62.45}$

5. Add everything you pay each month: the loan, the annual fee, property tax and insurance

   $\mathrm{\$1,503.31}+\mathrm{\$62.45}+\mathrm{\$229.17}+\mathrm{\$64.58}$$=\mathrm{\$1,859.51}$

8. Total monthly payment, first year: $2,154.97

1. Find the base loan: the price minus your down payment

   $\mathrm{\$250,000.00}-\mathrm{\$0.00}$$=\mathrm{\$250,000.00}$

2. You pay the 1% upfront fee at closing, so the loan stays the same

   $\mathrm{\$250,000.00}\times \mathrm{1\%}$$=\mathrm{\$2,500.00}$

3. Find the loan payment. A standard formula finds the one amount that clears the loan in 360 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$250,000.00}\times 0.00666667}{1-{\left(1+0.00666667\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,834.41}$

4. Find the first year's annual fee: 0.35% of the average balance that year, split over 12 months

   $\frac{\mathrm{\$249,056.59}\times \mathrm{0.35\%}}{12}$$=\mathrm{\$72.64}$

5. Add everything you pay each month: the loan, the annual fee, property tax and insurance

   $\mathrm{\$1,834.41}+\mathrm{\$72.64}+\mathrm{\$150.00}+\mathrm{\$97.92}$$=\mathrm{\$2,154.97}$

9. Total monthly payment, first year: $2,052.98

1. Find the base loan: the price minus your down payment

   $\mathrm{\$240,000.00}-\mathrm{\$0.00}$$=\mathrm{\$240,000.00}$

2. Add the 1% upfront fee to the loan. USDA divides by 0.99, because the fee is charged on the larger total

   $\frac{\mathrm{\$240,000.00}}{0.99}$$=\mathrm{\$242,424.24}$

3. Find the loan payment. A standard formula finds the one amount that clears the loan in 360 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$242,424.24}\times 0.00625}{1-{\left(1+0.00625\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,695.07}$

4. Find the first year's annual fee: 0.35% of the average balance that year, split over 12 months

   $\frac{\mathrm{\$241,413.81}\times \mathrm{0.35\%}}{12}$$=\mathrm{\$70.41}$

5. Add everything you pay each month: the loan, the annual fee, property tax and insurance

   $\mathrm{\$1,695.07}+\mathrm{\$70.41}+\mathrm{\$183.33}+\mathrm{\$104.17}$$=\mathrm{\$2,052.98}$

10. Total monthly payment, first year: $1,705.76

1. Find the base loan: the price minus your down payment

   $\mathrm{\$200,000.00}-\mathrm{\$0.00}$$=\mathrm{\$200,000.00}$

2. You pay the 1% upfront fee at closing, so the loan stays the same

   $\mathrm{\$200,000.00}\times \mathrm{1\%}$$=\mathrm{\$2,000.00}$

3. Find the loan payment. A standard formula finds the one amount that clears the loan in 360 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$200,000.00}\times 0.00604167}{1-{\left(1+0.00604167\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,364.35}$

4. Find the first year's annual fee: 0.35% of the average balance that year, split over 12 months

   $\frac{\mathrm{\$199,124.38}\times \mathrm{0.35\%}}{12}$$=\mathrm{\$58.08}$

5. Add everything you pay each month: the loan, the annual fee, property tax and insurance

   $\mathrm{\$1,364.35}+\mathrm{\$58.08}+\mathrm{\$208.33}+\mathrm{\$75.00}$$=\mathrm{\$1,705.76}$