Nevada Mortgage Calculator: Estimate Your Monthly Payment

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Updated: January 18, 2024

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Homeowners in Nevada should expect to pay around $32 more in mortgage payments compared to the national average. In your homebuying process, consider various important factors such as your financial status and the state’s property tax.

To give you an idea of the mortgage payments that you might be required to pay, MoneyGeek found that the average monthly mortgage in Nevada is at $1,191, which is the 14th highest in the country. But your actual costs may differ from this average.

We developed our Nevada mortgage calculator for you to get a more personalized quote and to compare the mortgage offerings of multiple lenders so you can make an informed decision. Have a look at this comprehensive guide for instructions on how to use the calculator and for tips on how you might lower your payments.

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Start Here: Plug In Your Mortgage Factors

Calculate your monthly mortgage payments using MoneyGeek’s Nevada mortgage calculator. Backed by thorough research, it accounts for key factors that influence your mortgage rate. Read more about these factors below.

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Why and How to Use Our Mortgage Calculator

Buying a home is a long-term commitment with a hefty price tag. Several factors influence the cost of your mortgage, which you should be aware of in your process of financial planning.

Luckily, Nevada has one of the lowest property tax rates and offers tax relief and credit to most homeowners and veterans. Even then, you will get significant savings by choosing to plan ahead. Use MoneyGeek’s mortgage calculator in Nevada by comparing offers from multiple lenders to find out which has the best terms.

To simplify things, we have outlined 12 of the most important factors that you need to consider when planning your mortgage.

1

Home Price:

This is either the maximum home price you are considering or the loan amount you are applying for.

2

Down Payment:

Your down payment is a percentage of the home’s purchase price that you need to pay upfront. A higher down payment will lower your monthly payments.

3

Interest Rate:

This is the annual rate mortgage lenders charge and it is mainly influenced by the borrower’s credit history.

4

Loan Terms:

The longer the term of your loan, the more interest you will have to pay. Terms are available for 10, 15, 20 or 30 years.

5

Payments per Year:

You may choose how to divide your mortgage payments per year. The monthly payment schedule is the most common.

6

Property Tax:

The annual tax you pay to the local government. Nevada has one of the lowest property tax rates and offers tax relief.

7

HOA Fees:

If your property has a homeowners association (HOA), you must pay monthly or annual dues to fund maintenance and improvements.

8

Principal & Interest:

The principal is the amount that goes into repayment of your loan, while the interest is the amount that the lender charges for borrowing.

9

Monthly Payment:

Your total payment per month will cover the principal, interest, property taxes, homeowners insurance premiums and any possible HOA dues.

10

Principal Payment:

This is the part of your mortgage payment that reduces the total balance.

11

Interest Payment:

This is the portion of your mortgage that goes into paying off the interest charged on the loan.

12

Total Cost with Interest:

Your total mortgage cost includes the repayment on the balance of your principal and the interest over the term of the loan.

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WHAT YOU CAN DO TO LOWER YOUR MONTHLY PAYMENT

Monthly mortgage payments can be a significant portion of your budget. In Nevada, monthly mortgage payments average $1,191.

Here are some tips that might help lower your monthly mortgage payments.

  • Buy a less expensive house. There are good reasons to buy less house than you can afford. Not only will you need to take out a smaller loan, but you can also free up more funds to cover homeownership costs such as maintenance expenses, insurance and property taxes.
  • Make a larger down payment. By doing this, you are reducing your principal, interest and the time it will take you to fully pay off your loan.
  • Shop for the lowest interest rate. Compare rates from competing lenders to find the lowest rates and to inform your home buying decision.
  • Check if you qualify for mortgage assistance programs. The Veterans Assistance (VA) and Federal Housing Association (FHA) loans are some of the most popular options

Next Steps: What to Do After You Have Estimated Your Mortgage Payments

The homebuying journey can be littered with technicalities that might make it difficult to understand.

MoneyGeek has simplified this process for you by gathering all the necessary information in one straightforward and comprehensive guide.

  1. Shop & Compare Rates. Find the best mortgage rates in Nevada by shopping and comparing rates from multiple lenders.
  2. Not Ready to Buy? Use MoneyGeek’s Rent vs. Buy Guide if you are still on the fence about that home purchase.
  3. Learn More. Check out if you qualify for FHA loans, VA home loans, as well as reverse mortgages.

Frequently Asked Questions About Mortgages in Nevada

Most lenders will calculate your debt-to-income (DTI) ratio when issuing mortgage loans. Ideally, they want to see that your payment does not exceed 28% of your gross monthly income or 43% of your total debt.

The average mortgage in Nevada is $226,812.

Most conventional mortgage loans will require a 20% down payment. If this number exceeds your budget, check if you qualify for Veterans Assistance (VA) or Federal Housing Association (FHA) loans.

Private mortgage insurance (PMI) is required if you cannot pay the conventional down payment of 20% upfront.

Nevada ranks 9th in the country for lowest property taxes at $1,310 annually.

Nevada’s average monthly mortgage payment is $1,191, which is $32 more than the national average.

The median home price in Nevada is $291,800.

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