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!
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:
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.
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.
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.
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!