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House hunting can be fun but stressful, especially when you are buying your first home. A mortgage calculator helps you estimate monthly payments and total interest by inputting your home price, down payment, loan term, interest rate, and property tax rate. This tool helps both first-time buyers and seasoned homeowners determine a comfortable budget and realize homeownership dreams, whether you are buying your first home or looking to upgrade.
Key Points
• A mortgage calculator helps you understand the factors influencing your mortgage payment.
• Buyers can use the calculator to consider the impact of different down payments or loan terms on monthly payments and total interest paid.
• You can explore down payment assistance programs for financial support.
• This calculator factors in property taxes based on the home’s tax rate.
• Some lenders also roll home insurance, private mortgage insurance, and homeowners association fees into monthly payments.
Nevada Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This figure is important for determining your home loan amount and thus your monthly payments. It may differ from the listing price and your initial offer.
• Down payment: The down payment is the amount you’ll pay upfront, ranging from 3% to 20% of the home price. A down payment calculator can help you see what a 20% down payment would cost. (Putting down less than 20% triggers private mortgage insurance (PMI), which increases monthly costs.)
• Loan term: The loan term is the length of time you have to repay the mortgage, typically 15 or 30 years, though some buyers choose a 10-year term. The longer the term, the lower the monthly payment but the more interest you’ll pay over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property taxes are levied by local governments on land and buildings, and usually expressed as a percentage of the home’s assessed value. Nevada has a low average rate of 0.49%. To find the specific rate for your property, search the ZIP code or town name and “effective tax rate.”
• Monthly payment: The monthly payment is a critical component of your mortgage, showing what you would pay toward the principal and interest each month. This Nevada mortgage calculator also includes property taxes in the monthly payment amount.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. This mortgage calculator can help you understand how different interest rates and loan terms affect the total interest paid, allowing you to make more informed decisions.
• Total loan cost: The total loan cost is the all-in amount you will pay for the home loan, including principal and interest.
How to Use the Nevada Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon amount you will pay the seller for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you agree to pay upfront. A larger down payment can reduce your monthly mortgage payment and the total interest you’ll pay over the life of the loan.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage, from 10 to 30 years.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point, such as 6.74%.
Step 5: Add Your Annual Property Tax
Enter the tax rate of the city or ZIP code where the property is located.
Benefits of Using a Mortgage Payment Calculator
This Nevada mortgage calculator helps homebuyers estimate affordability by providing payment estimates based on loan amount, interest rate, loan term, and property tax rate. It’s particularly useful if you are buying your first home and haven’t had a mortgage in the past. Compare interest rates and loan durations to understand their impact on monthly expenses and total interest. You can also use the calculator to examine how the size of your down payment affects costs.
If you’re considering a home loan backed by the Federal Housing Administration, an FHA mortgage calculator will factor in the upfront and ongoing mortgage insurance premium that comes along with this borrowing method. Similarly, a VA mortgage calculator is useful for those considering a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford
In Nevada, the median price of a home as of mid-2025 is $466,000. If you want to aim for a mortgage payment that is no more than 28% of your gross monthly income (common advice from home-buying experts), you would need an annual income of $108,000 to purchase a home worth $466,000. This assumes you don’t have any other significant debts. It also assumes a 20% down payment ($93,200) for a 30-year, 7.00% mortgage. The monthly payment including property tax and home insurance would be roughly $2,500.
If you want to work backward from your income to determine the maximum home price you can likely afford, you can turn to a home affordability calculator. If you are already exploring the housing market in depth and want to make sure you can afford a property in the area, you can go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and learn what size loan you might qualify for.
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 are the principal and the interest. This mortgage calculator also factors in property tax, because property taxes are often included as part of your monthly loan payment. (It’s in your lender’s interest to make sure you keep up on your tax bills, after all.) Your monthly payment could also include private mortgage insurance (PMI, necessary if your down payment is below 20%) or homeowners association (HOA) fees, depending on your specific situation.
If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is your best bet if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Nevada’s cost of living, which is about average where the U.S. is concerned, impacts the state’s home affordability. Some towns in Nevada are on a list of the best affordable places in the U.S.: Carson City, Boulder City, and even Las Vegas are good choices if you’re looking for a relatively affordable place to put down roots. Of course, there are also properties in the state that will require a jumbo loan because of their high cost. A mortgage calculator can help you determine what size mortgage payment you might be looking at in Nevada.
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
Even if you opt for a 30-year mortgage, there are ways to lower your mortgage payment once you are in your home. Here are some potential avenues to pursue:
• Cancel private mortgage insurance (PMI) once you have 20% equity.
• Recast your mortgage by making a lump sum payment toward the principal, then asking the lender to recalculate your payments.
• Do a mortgage refinance if interest rates are noticeably lower than when you made your home purchase, or if your credit score has increased significantly, which might mean you qualify for a better rate. When you run the numbers to compare costs of your current loan vs. a new one, make sure you include the new loan’s closing costs.
• Appeal property taxes if you feel they are unusually high. Use caution though, as sometimes asking for a reassessment of your property can result in higher taxes.
• If you are experiencing financial hardship, request that your lender modify the loan.
• Shop for cheaper homeowners insurance by raising your deductible or bundling home and auto policies. Make sure you are getting any insurance discounts you are entitled to — some insurers offer a lower rate if you have a home security system.
Nevada First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are down payment assistance programs available to help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. These programs often provide grants or low-interest loans to assist with the down payment, closing costs, or both. They can make homeownership more accessible and reduce the financial burden of entering the housing market.
By leveraging first-time homebuyer programs in Nevada, if you qualify, you can better manage your budget and ensure that you have the necessary funds to secure your special spot.
A Nevada mortgage calculator is a powerful tool for estimating your monthly mortgage payments, including principal, interest, and property taxes. It helps you understand the financial implications of different down payment amounts, interest rates, and loan terms and you’ll definitely want to run different scenarios using the calculator before moving on to a mortgage preapproval with a lender. When you’re ready, seek out rates from potential lenders as the first step.
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.
How does my credit score affect my mortgage loan interest rate?
Your credit score has a big impact on your mortgage interest rate. A higher score can lead a lender to offer its most attractive interest rate, reducing the total cost of your mortgage. A lower score may result in a higher interest rate and stricter lending conditions — if you are approved at all.
What are principal and interest on a mortgage loan?
The principal and interest are the two key elements of a mortgage payment. The principal is the original loan amount, and interest is the money you pay to the lender for the privilege of borrowing that amount. Over time, more of your payment goes toward the principal, reducing the loan balance and interest paid. An amortization schedule, available with your loan documents, will tell you what portion of your monthly payment each month is going to each of these buckets.
How much should I put down on a mortgage?
Put down as much money as you comfortably can when buying a home, but don’t empty your emergency fund or stop making payments on other debt. A qualified first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home. And repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Look at the entire financial picture to determine if that makes sense for you.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 plus). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one.
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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