Need help figuring out how much land you can afford or how you will finance it? Now there’s an online decision-making tool that can help — the Finding Farmland Calculator.
Developed by the National Young Farmers Coalition with assistance from Farm Credit, this new interactive tool was built specifically for farmers and ranchers — particularly beginning producers — who are seeking land.
It can help you to understand farm finance and determine what you may be able to afford. It also will prepare you for working with a lender. For example, after you input the cost of the land you are considering buying, the calculator compares financing options. It also allows you to download your financial information to have on hand when meeting with a loan officer.
“The Finding Farmland Calculator should prove especially useful for someone new to agriculture who is trying to evaluate different land ownership scenarios to figure out what will work best for them,” said Gary Matteson, vice president of young, beginning, small farmer programs and outreach at the national Farm Credit Council. “It can help young and beginning farmers to better understand their own financial capacity, create strong business plans and potentially scale up their own operations.”
The Finding Farmland Calculator was launched at an event sponsored by Farm Credit at the Sustainable Agriculture Research and Education Program’s 30th anniversary conference in April.
Access the tool at http://bit.ly/NYFC-calculator.