Nebraska Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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The good news for homebuyers in Nebraska is that the average mortgage payment costs $145 less than the national average. Most lenders calculate mortgage payments by evaluating the risk of lending you money. They often look at key factors such as the state’s property tax, your home’s purchase price and your household income. With the average household in Nebraska earning $6,440 per month, homeowners pay almost 16% on housing.
MoneyGeek developed a calculator to give you an idea of the average costs and rates to help you make an informed decision. Use our Nebraska mortgage calculator by entering your unique needs and payment preferences to get a personalized estimate of your mortgage cost. Then, you can compare the offerings from multiple lenders to find the best option for your needs.
Start Here: Plug In Your Mortgage Factors
Use MoneyGeek’s Nebraska mortgage calculator to get an accurate estimate of the costs of owning a home. Descriptions of the important factors impacting these estimates are provided below.
Why and How to Use Our Mortgage Calculator
Luckily, owning a home in Nebraska is cheaper than in most other states. The average home price of $169,900 is one of the lowest in the country, and monthly mortgage payments cost $1,014 on average. Also, the annual real estate tax rate of around 1.73% is the 8th lowest among the states, with property owners expecting to pay an average of $3,754 per year in property tax.
Don’t let these numbers intimidate you. Planning your mortgage is easy using MoneyGeek’s Nebraska mortgage calculator. The calculator requests and includes the following information to help you calculate and understand your potential mortgage costs.
Home Price:
Input either the home’s purchase price or the maximum loan amount you hope to get.
Down Payment:
This is the amount of cash you pay upfront, expressed either as a dollar amount or a percentage of the home price.
Interest Rate:
Enter the loan’s interest rate. You can get this using MoneyGeek’s mortgage rates report from different lenders, which is updated daily.
Loan Terms:
You may select your desired length for loan repayments. Generally, loan terms run anywhere from 15 to 30 years.
Payments per Year:
Most borrowers opt for monthly mortgage payments, which total 12 per year.
Property Tax:
This is the annual tax that you pay to the local government of Nebraska. On average, this cost is $3,754 per year.
HOA Fees:
These are the monthly dues you will need to pay to fund maintenance and improvements if your property is part of a homeowners association (HOA).
Principal & Interest:
These refer to the amount borrowed and the fee that lenders charge for borrowing.
Monthly Payment:
Your monthly payment covers the principal, interest, property taxes, homeowners insurance premiums and any possible HOA dues.
Principal Payment:
This is the portion of your mortgage payment that reduces your total balance.
Interest Payment:
This is the portion of your mortgage payment that covers your interest charges. It becomes smaller over time.
Total Cost with Interest:
This is the total amount you need to pay your lender.
Monthly mortgage payments can be expensive for just about any home buyer. Fortunately, Nebraska has one of the lowest average mortgage payments at $1,014 per month.
However, you may still want to consider the following suggestions to keep your mortgage at the lowest possible rate.
- Choose a less expensive house.
- Make a larger down payment since this will reduce your principal and interest.
- Find the lowest interest rate using MoneyGeek’s mortgage calculator to compare offers from multiple lenders.
- If you are eligible, the Veterans Assistance (VA) and Federal Housing Association (FHA) loans can bring your down payment to even 0%.
- An extended repayment period might be more suited to your budget since it will lower your monthly payments.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
The homebuying journey can be overwhelming, especially for first-time buyers. This is why MoneyGeek compiled all the information you need to be successful.
- Shop & Compare Rates: Find the right mortgage for you by shopping and comparing various lenders in lenders in Nebraska and their mortgage offerings.
- Not Ready to Buy? Assess your overall financial situation to decide whether you should rent or buy a house.
- Learn More: Find out if you qualify for loan assistance programs such as FHA loans and VA home loans, as well as reverse mortgages.
Frequently Asked Questions About Mortgages in Nebraska
This depends on how much you are comfortable or willing to spend on your payments based on your budget. Most lenders determine this using the debt-to-income (DTI) ratio, preferring a DTI no higher than 43%.
The average outstanding mortgage amount in Nebraska is $139,719.
Ideally, you’ll have 20% saved for your down payment. But, there are other options that you can explore to bring this number down to 0%, such as VA or USDA loans.
If you put less than 20% down on a home, you will most likely be required to purchase private mortgage insurance (PMI).
Based on the latest census data, Nebraska’s average annual property tax is $3,754, which ranks 8th lowest in the country.
The average monthly mortgage payment in Nebraska is $1,014, which is $145 lower than the national average.
The median home price in Nebraska is $169,900.
sources
- Consumer Financial Protection Bureau. "What is a debt-to-income ratio? Why is the 43% debt-to-income ratio important?." Accessed March 2, 2022.