Calculate payments for raw land loans with our specialized calculator
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Our land mortgage calculator is a specialized tool designed for buyers looking to finance raw land purchases. Unlike traditional home mortgages, land loans have unique characteristics that require different calculation methods. This calculator helps you estimate monthly payments, total interest costs, and amortization schedules specifically for vacant land purchases in the USA.
Land loans typically have higher interest rates and larger down payment requirements than traditional mortgages due to the increased risk for lenders. Our calculator accounts for these differences, allowing you to compare various loan scenarios and find the most cost-effective financing option for your land purchase.
Let's calculate a typical land mortgage:
Based on these inputs, your monthly payment would be approximately $1,012.45. Over the 15-year term, you would pay $62,241.00 in interest, bringing your total payment to $182,241.00. Our land loan calculator helps you understand these costs before committing to a purchase.
Accurately plan your budget by understanding monthly payment obligations before purchasing land.
Compare different loan terms, interest rates, and down payment amounts to find the best option.
Understand how different terms affect total interest paid over the life of the loan.
Use our calculator freely to explore financing options without any commitment or cost.
Land loans typically require larger down payments (20-50% vs. 3-20% for homes), have higher interest rates, and shorter terms (10-30 years vs. 30+ years for homes). This is because raw land is considered riskier collateral since it doesn't generate income and may be harder to sell.
Down payments for land loans typically range from 20-50% of the land value, depending on the lender, land type, and borrower qualifications. This is significantly higher than the 3-20% typical for home mortgages.
Most lenders prefer developed lots with utilities and road access. Raw, undeveloped land in remote areas may be more difficult to finance. Agricultural land, recreational land, and lots in planned developments generally have better financing options.
Land loan interest rates are influenced by your credit score, down payment amount, loan term, land location and type, and current market conditions. Rates are typically 0.5-2% higher than traditional mortgage rates due to increased risk.
Land loan terms typically range from 10-30 years, which is shorter than the 30+ year terms common with traditional mortgages. Shorter terms mean higher monthly payments but less total interest paid.