USDA Home Affordability
Loan Calculator

Gross Monthly Income
Total Monthly Debt including auto, personal & student loans, and minimum credit card payments
Monthly Debt
Maximum total mortage payment including taxes and insurance
Maximum Loan Payment
Income Tax Rate 
Equivalent rent payment to maximum loan payment after tax savings
Equivalent Rent Payment
Yearly Property Taxes
Yearly Home Insurance
Condo Dues
Mortgage Insurance
Interest Rate
Maximum loan amount including 1.00% upfront fee
Maximum Loan Amount
The maximum house price range you can look in
Maximum House Price Range
Calculator used as tool to calculate approximate house range. You must contact loan officer to determine exact price range. 

How To Use USDA Loan Calculator

Gross Monthly Income: Input gross monthly income before deductions. If you are salaried then take your yearly salary and divide it by 12 months. If you are hourly, then take hourly pay times 40 hours x 52 weeks and divide by 12 months. If your pay includes commissions, bonuses, or overtime then you need to take your overtime for last 2 years and divide it by 24 months and add this income to your monthly salary or hourly pay. You must have received overtime, bonuses, or commissions for a minimum of 2 years or you can't use this pay to qualify for the first time home buyer program.

Monthly Debt: Input monthly minimum monthly payments for credit cards plus auto and student loan payments plus any applicable child support payments.

Maximum Loan Payment: This is the maximum loan payment you can have for the program which is based on 29% of your gross monthly income. You may be able to exceed this payment if you have excellent credit and/or low monthly debt. You need to submit a pre-approval application for the USDA loan program so we can determine the exact maximum loan payment based on your financial situation.

Income Tax Rate: This is the Federal income tax rate bracket you are in.

Equivalent Rent Payment: This is the equivalent rent payment compared to maximum loan payment after you subtract the monthly tax breaks for interest you pay on the loan, property taxes, and mortgage insurance.

Yearly Property Taxes: This is the yearly property taxes for a home and you should always check for the correct property taxes with a Realtor or county website because homes listed on the internet may not show the correct updated property taxes.

Yearly Home Insurance: This is yearly home insurance and you should a home insurance quote for a home in the area you are looking in to get an accurate home insurance figure.

Condo Dues: Input the condo association dues here. When you purchase a condo, townhome, or some single family homes you may have to pay condo dues toward maintenance of common areas and amenities in a development as well as shared blanket home insurance policy for exterior of building wherever applicable.

Mortgage Insurance: Mortgage insurance is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. The factor for USDA zero down payment loan is currently .35 which is much less than the factor for FHA which is .85 which is the reason why the USDA mortgage payment is lower than FHA which requires 3.5% down payment.

Interest Rate: This is the interest rate on your loan. USDA loan rates are low compared to most conventional low down payment programs. Email for current interest rate on USDA loan.

Maximum Loan Amount: This is maximum loan amount that you qualify for. It is higher than the maximum house price range number because it includes a 1% USDA fee which is financed into the loan amount.

Maximum House Price Range: This is maximum purchse price of a home you can qualify for. Factors which determine your maximum house price range are interest rate, property taxes, income, and monthly debt. If you lower the interest rate and property taxes you will qualify for a higher priced home. If your income goes up then you will expand your price range. If you have too much debt then then you may qualify for a higher priced home if you eliminate some debt.

This calculator is only a tool to estimate approximate price range. You need to get pre-approved by completing the online application to determine your exact price range. Contact us at 847-721-4865 or email us at if you have any questions about the calculator or USDA Program.

Back To