If so, you are in the right place! Get started by entering your personal confirmation number below.
Received an offer from us?
If so, you are in the right place! Get started by entering your personal confirmation number below.
Leaving SoFi Website
You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website.
House hunting can be both thrilling and overwhelming. The Nebraska mortgage calculator simplifies this process by providing an easy-to-use online tool. Input a few key details to instantly estimate your monthly payments and total interest costs. You can also explore various scenarios to find the ideal home price, down payment, and interest rate that align with your financial goals.
Key Benefits:
• Estimate Monthly Payments: Quickly determine your monthly mortgage payments, including principal and interest.
• Explore Down Payment Options: Discover how different down payment amounts impact your payments and explore assistance programs to reduce upfront costs.
• Understand Affordability: Lenders generally recommend that your monthly mortgage payments do not exceed 28% of your gross monthly income.
• Analyze Loan Terms: See how different loan durations affect your monthly payments and overall interest paid.
• Consider Additional Costs: Beyond the calculator’s estimate, remember to account for other expenses like private mortgage insurance (PMI), homeowners insurance, and homeowners’ association (HOA) fees.
Nebraska Mortgage Calculator
Calculator Definitions
• Home Price: This is the final agreed-upon purchase price of the home, which may differ from the initial listing or your first offer.
• Down Payment: The upfront amount you plan to pay, typically expressed as a percentage of the home price. Down payments usually range from 3% to 20%, with down payment assistance programs available to help some buyers.
• Loan Term: The duration over which you will repay the home loan. Common terms are 15 or 30 years. Shorter terms can reduce total interest but increase monthly payments, while longer terms offer lower monthly payments but may lead to more overall interest.
• Interest Rate: The cost of borrowing money, shown as a percentage of the loan amount. Rates are influenced by borrower qualifications, market trends, and loan type.
• Annual Property Tax: Taxes charged by local governments on your land and buildings, based on state guidelines. You can find your specific property tax rate by searching online for your property’s town, county, or ZIP code along with “effective property tax rate.”
• Monthly Payment: The amount you pay each month towards the loan’s principal and interest, plus a portion for property taxes. This calculation does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Total Interest Paid: The entire amount of interest you will pay over the life of your home loan. This can be reduced by making a larger down payment, securing a lower interest rate, or choosing a shorter loan term.
• Total Loan Cost: The complete amount you will pay for the loan, encompassing both the principal borrowed and all accumulated interest.
How to Use the Nebraska Mortgage Calculator
Step 1: Enter Your Home Price
Input the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right figure for your budget.
Step 3: Choose a Loan Term
Select the length of time, from 10 to 30 years, you would like to repay the mortgage. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Enter your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Type in the home’s property tax rate as a percentage. For example, type 1.2 if the rate is 1.2%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you determine how much house you can afford, which is particularly helpful if you’re buying your first home. You’ll be able to see an estimate of your monthly payments based on loan amount, interest rate, and term. You can compare different loan amounts and interest rates to see how big a bite they might take out of your budget. If the type of mortgage loan you choose has a variable interest rate, you can estimate your costs using this calculator, but the estimate will be less precise due to the fluctuations of a variable rate.
In Nebraska, the median home sale price in mid-2025 was $305,000 — well below the national median of around $443,000, according to Redfin. Knowing that lenders suggest a mortgage payment shouldn’t exceed 28% of your gross monthly income, you’d need to earn an annual income of about $70,114, if you were looking to afford a $305,000 home, factoring in a 20% down payment ($61,000), a 30-year mortgage at 7.00%, and an average Nebraska property tax rate (1.5%).
Because lenders typically recommend total debt payments stay under 36% of your gross monthly income, your other monthly debts shouldn’t exceed $589 in this case.
The main components of a mortgage payment are the principal amount borrowed and the interest charged. The Nebraska home mortgage calculator factors in property taxes, which are often included in the monthly payments. Your payment could also include PMI, home insurance, or HOA fees, depending on your situation.
If you’re looking into a home loan guaranteed by the Federal Housing Administration (FHA), then use an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
Look into using a VA mortgage calculator if you’re seeking a loan backed by the U.S. Department of Veterans Affairs.
And if you are looking into purchasing a very pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit, which is set by the Federal Housing Finance Agency (FHFA).
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Nebraska
The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Omaha, Nebraska, would go further than a dollar spent in a major city like New York or Los Angeles. You would expect to pay higher average home prices, utilities, home maintenance, transportation, and other necessities in places with a higher cost of living, so refer to the cost of living index (COLI) to figure out how much money it takes for you to maintain a basic standard of living in a given place. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
Nebraska’s 2024 COLI was 92.6, according to the Council for Community and Economic Research’s Cost of Living Index. That figure is a bit lower than Colorado’s 2024 COLI at 102.7, which means it’s less expensive to live in Nebraska than in Colorado. For another comparison, consider South Dakota’s 2024 COLI was 91.9, much more in line with Nebraska’s. New York and California, with COLI of 125.1 and 142.3, respectively, are much more expensive states.
To further help you compare the cost of living in Nebraska, look at Lincoln’s COLI at 94.4 and Omaha’s at 91.9. And if you’re considering buying a home in one of the best affordable places in the U.S., you can use this cost of living index as a tool to help you decide where to live.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
If you are a homebuyer in Nebraska, you are probably looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• When you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, go to your county clerk or county assessor’s office and ask about the appeals process.
• See if your insurer offers a discount for bundling policies. Some insurers offer a discount if you purchase more than one policy with them, for example both a homeowners and auto policy.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
• Consider something called a loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.
Nebraska First-Time Homebuyer Assistance Programs
For first-time homebuyers, there are programs that can make homeownership more achievable by reducing the upfront financial burden. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs, which can provide financial aid for the down payment, closing costs, or both, can help make homeownership more accessible.
Using the Nebraska mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand mortgage components, and make informed decisions about your home loan. By using this tool, you can better navigate homeownership and align your budget with your goals. The Nebraska mortgage calculator can be a helpful resource for first-time homebuyers and those considering refinancing.
If you are looking into purchasing a very pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit, which is set by the Federal Housing Finance Agency (FHFA).
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
A larger down payment of 20% or more can result in lower monthly mortgage payments and potentially better loan terms. But certain types of mortgages will accept as little as 3% to 5% as a down payment, so explore your options. How much you decide to put down is an individual decision based on your financial situation and goals so use a Nebraska mortgage calculator to run the numbers.
Should I choose a 30-year or 15-year mortgage term?
Consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. The mortgage term that you choose is based on your financial goals and budget.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work on improving your credit score by aiming for 700 or higher (this is well over the 620 credit score you’ll need to qualify for a home loan). If you go through the mortgage preapproval process with a variety of lenders, you can see how low a rate you might be able to obtain. Look into making a higher down payment, but only if it’s in line with your budget.
How much is the payment on a $600,000, 30-year mortgage?
The monthly payment on a $600,000 mortgage with a 30-year term will depend on your interest rate and a down payment, among other factors. For example, with an interest rate of 6.00% and a down payment of 20% ($120,000), your monthly payment would be $2,878 monthly. This estimate includes principal and interest but not property taxes, insurance, or other fees. Use the Nebraska mortgage calculator to help you refine the numbers to your situation.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
