Want to pay off your mortgage sooner? Make sure that any extra payments you make are allocated to the principal. At first, you’ll pay less on principal and more on interest but overtime your interest payment will decrease and more of your monthly payment will go towards the principal. Each payment you make will decrease the amount you owe on your loan. Depending upon the type of loan you get, you may pay for private mortgage insurance as well. Your monthly payment will also fund your escrow account, which pays out your P&I. There is more to your mortgage payment than just principal and interest (P&I). The premium for your annual property insurance can vary depending on your location and the insurance company that underwrites your policy. To estimate the property tax in your city/town and state, visit this website. You can estimate your annual property taxes by taking the assessed value of your home and multiplying it by your local property tax rate.įor example, if you want to know the amount of your annual property tax for a $100,000 house in Omaha, Nebraska, you would multiply $100,000 by the Omaha property tax rate of 2.38% for a total of $2,388.00. Property taxes vary not only by state, but by county, too.

Paying additional dollars each month on your mortgage principal may reduce the length of your term. If you are refinancing your home to a shorter or longer term, you can adjust the term length and see the difference it will make to your monthly mortgage payment. Typically, a mortgage loan is either a 15- or 30-year term, but there are other options. This is the number of years it will take to pay off your mortgage. If you are wondering about today’s interest rates, or would like to start the preapproval or application process, contact a mortgage loan officer. Your interest rate can vary by the type of mortgage you choose, the term of your loan and the rate for which you qualify. Loan Amount = Estimated Home Value - Down Payment Interest Rate:Įnter the interest rate you estimate you will pay on your mortgage loan. This will automatically calculate for you based on your estimated home value and down payment amounts

If you are refinancing, enter the amount of equity you have in the property.Įquity = Estimated Home Value - Present Loan Balance Loan Amount: If you are buying a house, enter the amount of your down payment.

If you’re refinancing your home loan, enter your home’s current value.

If you are buying a house, enter the price of the property you are considering.

Just fill in the details, using the mortgage calculator above, to get an estimate of your monthly mortgage payment. Any change in rate or fees may affect approval of the loan.Figuring out what you’ll pay monthly for your mortgage is easy. This is neither a commitment to lend nor an approval of the loan inquiry. Additional fees, conditions or exclusions may apply. Please contact your loan officer to exercise this float down option. In addition, you may exercise a float down in the rate to the current market rate within seven calendar days of executing a purchase contract. You will have the option to extend the due date for the purchase agreement and the rate lock expiration one time by 15 days. In order to obtain this rate, a fully executed purchase agreement must be received by First National Bank of Omaha (FNBO) within 30 calendar days of a 60-day lock or 60 calendar days of a 90-day lock. Your exact interest rate will depend on the date you lock your rate. Also, ask your loan officer about FNBO’s Lock & Shop program 1.ġ First National Bank of Omaha’s Lock & Shop program locks the initial interest rate for 60 or 90 days on 15- and 30-year conventional, 30-year FHA and VA fixed-rate purchase loan products. Review your contract for the estimated closing date to help choose the right time to do so. If you feel that rates are on an upward trend, then you may consider locking in your rate early in the loan process. Mortgage interest rates are as hard to predict as the stock market, and we don’t know for certain whether they’ll go up or down.

Fnb home loan calc