Mortgage Refinance Calculator

Calculate your potential savings by comparing your current loan to one with new terms.

Are you looking to lower your monthly mortgage payment with a more competitive interest rate? Or perhaps you’re interested in changing the term of your loan. Whatever your financial circumstance, now is a great time to consider refinancing your home mortgage loan.

Use the Mutual of Omaha Mortgage Refinance Calculator to determine what your new interest rate, loan amount, or monthly payment might be with a refinance mortgage loan with Mutual of Omaha Mortgage.

*View Legal Disclosures

Legal Disclosures

30-year Fixed-Rate Loan:

The payment on a $247,000 30-year Fixed-Rate Loan at 2.99% (3.406% APR) is $1,110.02 for the cost of 2.125 point(s) due at closing and a loan-to-value (LTV) of 92.51%. One point is equal to one percent of your loan amount. Payment does not include taxes and insurance. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.

15-year Fixed-Rate Loan:

The payment on a $247,000 15-year Fixed-Rate Loan at 2.375% (2.858% APR) is $1,677.76 for the cost of 1.875 point(s) due at closing and a loan-to-value (LTV) of 92.51%. One point is equal to one percent of your loan amount. Payment does not include taxes and insurance. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.

30-year Fixed-Rate VA Loan:

Rate is fixed. The payment on a $247,000, 30-year fixed-rate loan at 2.49% and 92.51% loan-to-value (LTV) is $974.67 with 2.125 Points due at closing. The Annual Percentage Rate (APR) is 2.874%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.

FHA Loan: Rate is fixed.

The payment on a $247,000, 30-year fixed rate loan at 2.375% and 92.51% loan-to-value (LTV) is $1,122.91 with 2.125 Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.8% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of 92.51%, the 0.8% monthly MIP will be paid for the first 30 years of the mortgage term, or the end of the mortgage term, whichever comes first. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments only until the end of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. The Annual Percentage Rate (APR) is 3.619%. Assumptions Lenders calculate rates using assumptions: basic loan details. For all rates shown, unless otherwise noted, we assumed: • You’re buying or refinancing a single-family home that’s your primary residence. • If refinancing, you’re not taking cash out. • Closing costs will be paid up front, not rolled into the loan. • Your debt-to-income ratio is less than 30%. • Your credit score is over 720, or 740 for certain jumbo loan options. • You’ll have an escrow account for payment of taxes and insurance. Disclosures • Mortgage rates can change daily. • Some loan options may not be available in all states. • Some jumbo loan options may not be available to first-time home buyers. • Lending services may not be available in all areas. • Some restrictions may apply. • The rate lock period is 45 days.

Assumptions

Lenders calculate rates using assumptions: basic loan details. For all rates shown, unless otherwise noted, we assumed:
You’re buying or refinancing a single-family home that’s your primary residence.
If refinancing, you’re not taking cash out.
Closing costs will be paid up front, not rolled into the loan.
Your debt-to-income ratio is less than 30%.
Your credit score is over 720, or 740 for certain jumbo loan options.
You’ll have an escrow account for payment of taxes and insurance.

Disclosures

Mortgage rates can change daily.
Some loan options may not be available in all states.
Some jumbo loan options may not be available to first-time home buyers.
Lending services may not be available in all areas.
Some restrictions may apply.
The rate lock period is 45 days.

Many homeowners are in a good position to refinance if you are planning to live in the home for a long period of time and feel confident they will be approved for a lower interest rate, changing the loan term or eliminating private mortgage insurance. Factors to consider before refinancing are your total savings, the cost to refinance and how long you plan to own the home.

Personal Financial Picture

Since a refinance completely replaces your current loan with a new mortgage loan, it’s important to understand that a number of criteria will be taken into account, just like the first time you went through the home buying process. For example, your credit will be checked, your income will be verified and your finances will be thoroughly reviewed.

Different Refinance Loan Options

Most homeowners refinance to lock in a better interest rate or lower their monthly payment. Some homeowners opt to apply for a cash-out refinance, which allows homeowners to borrow against the equity earned in your home. This is often a sound strategy for funding home improvement projects or paying off high-interest debt.

Refinance Costs

Costs vary from lender to lender but are not too different then the fees paid when purchasing your home. The costs to refinance your home mortgage loan may include:

Lender fees, loan origination charges or points
Third-party fees such as the appraisal, notary or credit check
Insurance fees
Title search
Escrow costs

Just like any other home loan, your closing costs will differ depending on the new loan amount, your credit score and debt-to-income ratio, loan program and interest rate.

Break-even Point

An important consideration when deciding whether to refinance a mortgage is at what point in time you’ll break even on refinancing costs, also called the break-even point.

The break-even point is calculated by adding up the refinancing closing costs and determining how long it will take to recoup those costs with your new loan. Refinancing makes more sense if you plan to stay in your home longer than the break-even point, otherwise, you could potentially lose money.

Reasons to Refinance

There are a variety of reasons to refinance a home mortgage loan. Here are a few common reasons why homeowners decide to refinance a mortgage that may help financially:

To lock in a lower interest rate and lower monthly payments. Homeowners who feel confident they are eligible for a better rate and lower monthly payments are one of the most common groups of refinance applicants. .
To switch from an adjustable-rate mortgage, or ARM, to a fixed-rate loan. Homeowners who took out an ARM but plan to stay in their homes for a long period of time may want to refinance into a more stable, fixed-rate loan before the ARM resets to a variable rate and payments become unaffordable.
To pull out cash from their home’s equity. A cash-out refinance lets you access the equity you’ve earned in your home by replacing your existing mortgage with a new one for a larger loan amount, withdrawing the difference in cash.
To remove a borrower from the mortgage. This is common when a homeowner is looking to remove a co-signer such as a spouse, family member or close friend off the loan. The person who is refinancing the loan into his or her name will need to qualify for the new loan on their own.
To remove FHA mortgage insurance. For borrowers with a loan insured by the Federal Housing Administration, or an FHA loans, refinancing into a conventional mortgage can eliminate annual mortgage premium payments once earned 20% equity in your home.

Whether you’re looking to lower your monthly payment or tap some earned equity, when you’re ready to start the mortgage refinance process, 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!

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