What is a land loan calculator?
A land loan calculator is a tool designed to help borrowers get a deeper understanding of their estimated payments. It only takes a minute to put in your information and you don’t need to be a financial expert to use the tool.
The Legacy Ag Credit land loan calculator determines monthly payments for your land loan. It also estimates the total interest based on the purchase price, down payment amount, interest rate and the number of monthly payments.
If you are interested in buying land in Texas, this tool will tell you what to expect prior to having a conversation with one of our loan officers. Gathering as much knowledge as possible will make you feel in control of the situation and confident that you are choosing the best financing option for your needs.
How to calculate interest on a land loan?
If you’re new to land loans, you should know that interest is the price you pay to borrow money from us. This is why your total loan payment amount will vary depending on the interest rate, closing date, and other factors.
The good news? As an agricultural and rural home lending co-op, we are part of the Farm Credit System and can offer you a lower-than-usual interest rate.
Usually, interest rates go up and down, depending on the inflation or supply and demand in the market. A distinctive advantage for us is that we have the opportunity to provide our members with long-term fixed-rate loans that can reduce our borrowers’ risk of dealing with fluctuating interest rates over the duration of their loans.
The loan officers, relationship managers, and even the directors at Legacy Ag Credit are not just financial experts. They are also immersed in the agricultural industry and know exactly how hard it can be to buy land. After reviewing your recent credit history, they will help you find ways to repay the loan and accomplish your dream.
Disclaimer: This calculator is designed to be a self-help tool for individuals and should not be used to provide investment, legal, tax, or accounting advice. Because each business is unique, the tool is for illustrative purposes only and we cannot guarantee 100% accuracy. All loans are subject to approval and credit terms may vary.