Simple & Easy Loan Payment Calculator

Use our calculator to estimate your monthly mortgage payment.

Loan Payment Calculator

Are you starting the process of purchasing a new home? Looking to understand how much your monthly mortgage loan payment will be? Use the Mutual of Omaha Mortgage Loan Payment Calculator to estimate your monthly mortgage payment and when you’re ready, contact a Mutual of Omaha loan specialist to get you a competitive rate. Click here to visit Mutual of Omaha Mortgage's full list of purchase loan offerings and get started today!

Before we start

This tool will help estimate the monthly payments on your home mortgage loan in a few simple steps.

Enter your desired home price
Include your estimated down payment
Select your loan program

*View Legal Disclosures

Legal Disclosures

30-year Fixed-Rate Loan:

The payment on a $247,000 30-year Fixed-Rate Loan at 2.99% (3.406% APR) is $1,110.02 for the cost of 2.125 point(s) due at closing and a loan-to-value (LTV) of 92.51%. One point is equal to one percent of your loan amount. Payment does not include taxes and insurance. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.

15-year Fixed-Rate Loan:

The payment on a $247,000 15-year Fixed-Rate Loan at 2.375% (2.858% APR) is $1,677.76 for the cost of 1.875 point(s) due at closing and a loan-to-value (LTV) of 92.51%. One point is equal to one percent of your loan amount. Payment does not include taxes and insurance. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.

30-year Fixed-Rate VA Loan:

Rate is fixed. The payment on a $247,000, 30-year fixed-rate loan at 2.49% and 92.51% loan-to-value (LTV) is $974.67 with 2.125 Points due at closing. The Annual Percentage Rate (APR) is 2.874%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.

FHA Loan: Rate is fixed.

The payment on a $247,000, 30-year fixed rate loan at 2.375% and 92.51% loan-to-value (LTV) is $1,122.91 with 2.125 Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.8% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of 92.51%, the 0.8% monthly MIP will be paid for the first 30 years of the mortgage term, or the end of the mortgage term, whichever comes first. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments only until the end of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. The Annual Percentage Rate (APR) is 3.619%. Assumptions Lenders calculate rates using assumptions: basic loan details. For all rates shown, unless otherwise noted, we assumed: • You’re buying or refinancing a single-family home that’s your primary residence. • If refinancing, you’re not taking cash out. • Closing costs will be paid up front, not rolled into the loan. • Your debt-to-income ratio is less than 30%. • Your credit score is over 720, or 740 for certain jumbo loan options. • You’ll have an escrow account for payment of taxes and insurance. Disclosures • Mortgage rates can change daily. • Some loan options may not be available in all states. • Some jumbo loan options may not be available to first-time home buyers. • Lending services may not be available in all areas. • Some restrictions may apply. • The rate lock period is 45 days.

Assumptions

Lenders calculate rates using assumptions: basic loan details. For all rates shown, unless otherwise noted, we assumed:
You’re buying or refinancing a single-family home that’s your primary residence.
If refinancing, you’re not taking cash out.
Closing costs will be paid up front, not rolled into the loan.
Your debt-to-income ratio is less than 30%.
Your credit score is over 720, or 740 for certain jumbo loan options.
You’ll have an escrow account for payment of taxes and insurance.

Disclosures

Mortgage rates can change daily.
Some loan options may not be available in all states.
Some jumbo loan options may not be available to first-time home buyers.
Lending services may not be available in all areas.
Some restrictions may apply.
The rate lock period is 45 days.

Understanding how your monthly mortgage payment will fit into your budget is an important first step when buying a new home. Mutual of Omaha Mortgage wants to make sure this decision is made with the best information available to you. Learning how a lender calculates your monthly mortgage payment can give you a better idea of how much home you can afford.

Once you’ve been pre-approved for a mortgage loan and you’re ready to make an offer on a new home, you will want to estimate your monthly payment to ensure you feel comfortable with your commitment and your loan is approved with ease. Factors lenders use when determining your monthly payment include:

Loan Program

Your loan program or term are the conditions you and your lender agree to when applying and getting approved for a mortgage loan. Most mortgage loans are offered as 30-year terms or 15-year terms. Lenders also offer mortgage loans with fixed or adjustable rates. There are also special loan programs if you’re a member of the armed forces, a first-time homebuyer or even those looking to buy in a rural area.

Home Price

Your desired home price directly correlates with the amount or size of the loan and the term. Size is the amount of money you borrow and the term is the length of time you choose to pay the loan back by.

Down Payment

The amount you have saved for the down payment of your home will directly impact your loan payment. Lenders offer loan programs with as little as 3% needed as a down payment for qualified home buyers, however, the less you put down, the larger the monthly loan payment will likely be.

Interest Rate

Lenders calculate your interest rate based on your credit score and credit history. How well you manage debt is reflected in your credit score and is one of the most important factors in determining your interest rate and loan approval. A solid credit score is usually anything above 650 but the best tiered credit scores tend to be at or above 700. Generally, the higher a credit score, the better the interest rate.

Other factors such as local, state and federal taxes, real estate agent fees and other costs may also be financed and impact your loan payment. You can learn more about how these factors impact your loan payment by contacting a Mutual of Omaha loan specialist to get you a competitive rate. Click here to visit Mutual of Omaha Mortgage's full list of purchase loan offerings and get started today!

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