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A Las Vegas, Nevada, mortgage calculator helps estimate monthly payments for those looking to purchase a home in the City of Lights. In addition to monthly payments, the calculator shows your total interest paid and total cost of the loan, helping you see the full financial implications of buying a home. Here’s an in-depth guide on how to use the Las Vegas mortgage calculator.
Key Points
• A Las Vegas mortgage calculator helps estimate monthly payments, total interest, and overall loan costs, making the homebuying process more informed and manageable.
• The calculator allows you to see how different down payment amounts, interest rates, and loan terms affect your monthly payment.
• A 20% or more down payment can help you avoid private mortgage insurance (PMI) and lower your monthly mortgage payments.
• A shorter loan term, such as 15 years, can result in lower total interest paid but higher monthly payments, while a 30-year term has the opposite effect.
• Exploring down payment assistance programs can make the initial investment more manageable, especially for first-time homebuyers in Las Vegas.
Las Vegas Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. It directly affects the amount of your home loan you might qualify for.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%, with a 20% down payment typically recommended to avoid private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term can result in lower total interest paid over the life of the loan but higher monthly payments. Borrowers should consider their financial situation and goals when choosing a loan term.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: The annual property tax is administered by the local government and expressed as a percentage of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal, interest, and property tax. It may also include homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be substantial, especially for longer loan term options. By making a larger down payment or choosing a shorter loan term, you can reduce the total interest paid, potentially saving thousands of dollars over the life of the loan.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both principal and interest. A longer loan term will result in a higher total loan cost due to the additional interest paid over the extended period.
How to Use the Las Vegas, NV Mortgage Calculator
To use the Las Vegas mortgage calculator, follow these steps:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. The purchase price will directly impact your home loan amount and monthly payment.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Clark County (Las Vegas) property tax rate is 0.50% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a valuable tool for estimating your monthly mortgage payments and understanding the financial implications of different loan scenarios. It can help you assess how much house you can afford before you start house hunting, based on factors like the loan amount, interest rate, and loan term. Plus it shows how different interest rates and loan terms affect your payments.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Deciding How Much House You Can Afford in Las Vegas
In Las Vegas, the median home sale price in 2025 was $445,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, fees) under 28% of gross monthly income. To afford a $445,000 home, assuming a 20% down payment ($89,000) and a 7.00%, 30-year mortgage, you’d need roughly $101,000 in annual income. Your monthly mortgage payment would be $2,368.
Lenders also advise that total debt should stay within 36% of your income. That means other debts, such as student loans, auto loans, and credit cards, should not exceed $675 monthly. If other debts do exceed $675 per month, you’ll need a higher income to afford a home at this price. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
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:
Components of a Mortgage Payment
The main components of a mortgage payment include:
• Principal: The mortgage principal is the portion of your payment that goes toward paying down the original loan amount.
• Interest: The interest is the cost of borrowing money, calculated as a percentage of the remaining loan balance. Here’s a good mortgage interest rate right now.
• Property taxes: Property taxes are local government taxes based on the value of your property. In Las Vegas, the property tax rate is around 0.50% of the home’s assessed value.
• Homeowners insurance: Homeowners insurance provides protection against damage to your home and personal property.
• Private mortgage insurance (PMI): PMI is required if your down payment is less than 20% of the home’s value, to protect the lender.
• HOA fees: These are monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Las Vegas, NV
Las Vegas’ cost of living is just below the national average. Health care is almost 15% below, but housing, utilities, and transportation are all above the national average.
Cost of living is benchmarked at 100. In Las Vegas, the overall cost of living index is 98.5. Here’s how Las Vegas compares to the national average in other areas:
Las Vegas Cost-of-Living Stats
Overall Cost of Living
98.5
Groceries
103.6
Housing
104.5
Utilities
114.1
Transportation
114.7
Health Care
85.4
Miscellaneous Goods/Services
85.2
For affordable options, explore Las Vegas areas with lower property values and neighborhoods matching your budget. Lifestyle and family size also affect your overall expenses.
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.
Las Vegas’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Las Vegas, there are several Nevada down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you typically must not have owned a primary residence within the past three years. Research local programs and consult with a lender to find the best fit for your financial situation.
If you’re looking to reduce your monthly mortgage payment, here are some tips to help you save money and manage your home loan more efficiently:
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home. This can be achieved through regular payments or home appreciation and will save you money on your monthly mortgage payment.
• Shop for a lower homeowners insurance rate. By comparing quotes from different insurers, you can potentially save hundreds of dollars each year. A lower homeowners insurance rate can make a noticeable difference in your overall monthly costs.
• Appeal your property taxes if you believe your assessment is too high. Start by reviewing your annual property tax assessment to identify any discrepancies. While rare, a successful appeal can reduce your property tax bill, lowering your overall monthly mortgage payment.
• Modify your loan if you’re facing financial hardship. Loan modifications can involve extending the loan term, reducing the interest rate, or even forgiving a portion of the principal. Contact your lender to discuss your options and provide documentation of your financial situation.
• Extend the term of your loan to reduce monthly payments. For instance, if you originally had a 15-year mortgage, refinancing your mortgage to a 30-year loan term can significantly lower your monthly payments. However, this strategy comes with a trade-off: you’ll pay more in interest over the life of the loan.
The Takeaway
A Las Vegas mortgage calculator estimates your monthly payments and helps you understand the financial implications of different loan scenarios. To use, simply enter in the purchase price of the home, the down payment amount, the interest rate, the loan term, and the property tax rate. The insights you come away with will ensure that buying a home in Vegas aligns well with your financial goals and overall well-being.
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.
The average mortgage payment in Las Vegas was $2,920 in 2025. Payments can vary based on factors like home price, down payment, and interest rate.
What are principal and interest on a mortgage loan?
The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that money. In the early years of your mortgage, a larger portion of your monthly payment goes toward interest, with the balance gradually shifting toward the principal over time.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A 20% down payment is often recommended to avoid private mortgage insurance (PMI), which can add to your monthly costs. However, if you’re a first-time homebuyer, you might explore down payment assistance programs that offer more flexible terms, such as a 3.5% down payment for FHA loans. Consider your savings, debt, and long-term financial goals to determine the right down payment amount for you.
Should I choose a 30-year or 15-year mortgage term?
When choosing between a 30-year or 15-year mortgage, consider your finances. A 30-year mortgage offers lower payments but more interest. A 15-year mortgage has higher payments but less interest. If you can afford higher payments, a shorter term builds equity faster and saves on interest.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, focus on building your credit score. A higher credit score can lead to more favorable terms. To build your credit score, pay all of your bills on time, keep your credit utilization ratio low, and regularly monitor your credit report for any errors. Additionally, consider shopping around for lenders, as rates can vary.
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 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 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.
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.
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.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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