USDA Direct Loan Mortgage Calculator Please enter the following information to calculate monthly payments for a USDA Direct Loan: Loan Amount Interest Rate (%) Term (Years) function calculate() { // Get the user's input from the form. Assume it is all valid. // Convert interest from a percentage to a decimal, and convert from // an annual rate to a monthly rate. var principal = document.forms[0].loanAmount.value; var interest = document.forms[0].interestRate.value / 100 / 12; var payments = document.forms[0].term.value * 12; // Now compute the monthly payment figure. var x = Math.pow(1 + interest, payments); var monthly = (principal*x*interest)/(x-1); // Check that the result is a finite number. If so, display the results if (!isNaN(monthly) && (monthly != Number.POSITIVE_INFINITY) && (monthly != Number.NEGATIVE_INFINITY)) { document.getElementById("output").innerHTML = "Monthly Payment = <strong>$" + monthly.toFixed(2) + "</strong>"; } // Otherwise, the user's input was probably invalid, so don't // display anything. else { document.getElementById("output").innerHTML = ""; } } What is a USDA Direct Loan Mortgage Calculator? A USDA Direct Loan Mortgage Calculator is a tool designed to help potential borrowers estimate the amount they may qualify to borrow when taking out an low-interest loan through the U.S. Department of Agriculture (USDA) loan program. USDA Direct Loans are available to finance single family housing in rural areas or designated rural areas. These loans are available to low-to-moderate-income borrowers to purchase, build, repair, renovate, or relocate a home in an eligible rural area. How Does a USDA Direct Loan Mortgage Calculator Work? The calculator uses data on income, family size, monthly expenses, and potential loan amount to generate a potential loan amount. It is designed for potential borrowers to estimate the amount they might be able to qualify for, as well as what the monthly payments will look like. You can also use the calculator to compare the monthly payment amounts for different loan options. How Do I Access a USDA Direct Loan Mortgage Calculator? The calculator can be easily accessed from the USDA website. Simply click on the “Mortgage Calculators” option, and you will be directed to the USDA Direct Loan Mortgage Calculator page. The page features a simple form that you can fill out with your estimated loan amount, income, family size, and monthly expenses. After you complete the form and submit it, the calculator will generate an estimated loan amount based on your answers. Do I Have to Use the USDA Direct Loan Mortgage Calculator? The calculator is just an estimate of what you may be able to qualify for. It is not a required tool in the application process, but it is recommended that potential borrowers use it to get an idea of their loan options. Before applying, it is important to research other potential loan options, such as conventional or government loans. How Can I Best Use the USDA Direct Loan Mortgage Calculator? It is important to take advantage of the calculator’s potential. Research loan terms, interest rates, and payment options before entering data into the calculator. You can also use the calculator to compare different loan options; by entering different loan amounts and terms, you can easily compare the monthly payments and interest rates of different loans. Once you have calculated your potential loan amount, you can begin the application process. Conclusion The USDA Direct Loan Mortgage Calculator is a useful tool for potential borrowers to understand their potential loan amount based on income, family size, and monthly expenses. It is recommended that potential borrowers take advantage of its potential and use it to assess their loan options before applying for a loan. By researching other loan options, entering potential loan data into the calculator, and comparing different loan options, potential borrowers can ensure that they make an informed decision on which loan option is best for them.