Mortgage Calculators - Easily Calculate Your Monthly Payment

Loan Payment Calculator

Before starting the home buying process, estimate your monthly mortgage loan payment using your desired home price, approximate down payment, interest rate and loan term. Understand how your mortgage payment might fit with your monthly budget and apply for a loan that fits your financial goals.

Home Affordability Calculator

Understanding how much home you can afford is an important first step when starting the home buying process. Enter your income, debt and monthly expenses to estimate how much you might be approved to borrow using the Home Affordability Calculator.

Refinance Calculator

Understand if a mortgage refinance with Mutual of Omaha Mortgage could lower your monthly payment using the Mutual of Omaha Refinance Calculator. With a competitive rate or a change in your loan term, you could save on your monthly mortgage with Mutual of Omaha.

How a Mutual of Omaha Mortgage mortgage calculator can help you buy a new home.
A home mortgage calculator can determine what your monthly mortgage payment might be based on your overall home buying budget, income, rate and term. All these factors go into how much house you can afford and give you a better understanding of the financial aspect of homebuying before you apply for a home mortgage loan.

Using a Mutual of Omaha Mortgage Calculator allows you to estimate your mortgage payment so you can feel confident when you’re ready to buy a home or refinance your existing mortgage loan. Before applying with a home loan with Mutual of Omaha Mortgage, use a calculator to help you decide:

• Which home loan term might be right for you: While a 30-year fixed rate mortgage might lower your monthly payment, a 15-year fixed rate mortgage will reduce the overall interest you’ll pay over the life of the mortgage loan. Using a calculator, you can estimate if you can afford a shorter term or a more flexible mortgage product.
• How much home you can afford: As exciting as buying a new home is, it can be equally expensive. The home affordability calculator can give you a comprehensive look at how much home you can afford after considering the closing costs, insurance, taxes and other expenses.
• How much you should save for a down payment: Some loan products, like a VA loan, have 0% down payment options. However many homebuyers choose to save closer to 10% or 20% for their down payment. The loan payment calculator can give you an idea of how much down payment you should save to stay within your desired price range and monthly mortgage payment.

How lenders determine how much you can afford to borrow for your new home

A number of important financial factors go into calculating how much a lender will approve you for Criteria includes:

• Gross Income: Lenders use your income to determine how much home you can afford and if you’re able to comfortably make your monthly mortgage payment. A general guideline is that your mortgage payment should be less than 25%-30% of your gross income.
• Liquid Cash Savings: Lenders like to see that you have a source of funds available should an emergency arise, such as job loss or unexpected purchase, to cover the cost of your monthly mortgage. Many real estate and finance experts agree that having roughly three months of your monthly salary saved for emergencies will help you avert being late on your payments.
• Debt-to-Income Ratio: Your debt-to-income (DTI) ratio is the percentage of your monthly income that goes toward credit payments such as a car loan, credit card or student loan. Borrowers with low debt-to-income ratios tend to be offered lower interest rates and can afford higher monthly payments.
• Credit Worthiness: How well you manage credit is reflected in your credit score and is one of the most important factors in determining your interest rate and loan approval.