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A Reno, Nevada, mortgage calculator is helpful for anyone considering purchasing a home in the “Biggest Little City in the World.” It can help you estimate monthly payments and understand the true cost of homeownership, allowing you to determine how much house you can afford based on your financial situation. Simply input the purchase price, down payment amount, interest rate, loan term, and property tax rate to view your potential monthly payment, total interest charges, and total cost of the loan. Here’s a complete guide on using the Reno mortgage calculator.
Key Points
• A Reno mortgage calculator estimates monthly payments, total interest paid, and total cost of the loan.
• Your credit score significantly impacts your mortgage interest rate, with a higher score securing more favorable rates and reducing the total cost of your loan.
• A 15-year mortgage term can help you build equity faster and pay less interest over the life of the loan, but it comes with higher monthly payments compared to a 30-year term.
• Down payment assistance programs can significantly ease the financial burden for first-time or low-income buyers, making homeownership more accessible.
• To reduce your monthly housing expenses, consider strategies like dropping private mortgage insurance (PMI) once you reach 20% equity, extending the loan term, or shopping for lower homeowners insurance rates.
Reno Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price of the home, which may differ from the initial listing price or the offer you initially made. Accurate input of the home price ensures that your financial estimates, including your home loan, are reliable.
• Down payment: The down payment is the amount the homebuyer pays upfront, typically expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%, with a 20% down payment often eliminating the need for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage. A 15-year term can help you build equity faster and pay less interest over the life of the loan, but it comes with higher monthly payments. A 30-year term offers lower monthly payments but results in more interest paid over time.
• 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 your credit score, debt-to-income ratio, and the type of mortgage loan. To secure a more favorable rate, consider building your credit score, reducing debt, or exploring different loan options.
• Annual property tax: The annual property tax is a component of your monthly housing costs, typically administered by the local government. This tax is often expressed as a percentage of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal, interest, and property taxes. It may also include homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: This is the amount of interest you will pay over the life of the loan. This can be a substantial sum, especially for longer loan terms. To reduce the total interest paid, consider strategies like refinancing to a lower interest rate or opting for a shorter loan term.
• Total loan cost: The total loan cost represents the all-in amount you will pay for the loan. This includes both the original principal amount borrowed and all accrued interest over the life of the loan. The loan term plays a significant role in determining this total cost.
How to Use the Reno, NV Mortgage Calculator
Here is a step-by-step guide on how to use the Reno mortgage calculator effectively:
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 Washoe County (Reno) property tax rate is 0.46% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments and homeownership costs, helping you determine affordability based on loan amount, interest rate, and term. It allows you to compare scenarios with different down payments or interest rates, and understand the impact of loan terms on your monthly expenses and total interest.
By using a mortgage calculator, you can gain a granular understanding of how various factors affect your financial commitment, ensuring that you make informed decisions and secure a home that fits your budget and financial goals.
This tool is invaluable for first-time homebuyers and those looking to refinance, as it provides a clear and detailed financial picture.
In Reno, the median home sale price in 2025 was $530,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, fees) under 28% of gross monthly income. To afford a $530,000 home, assuming a 20% down payment ($106,000) and a 7.00%, 30-year mortgage, you’d need roughly $121,000 in annual income. Your monthly mortgage payment would be about $2,821.
Total debt should stay under 36% of income, allowing for about $800 in other debt (student loans, auto loans, and credit cards). 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 are the principal and interest. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal.
Other components of a mortgage payment may include:
• Property taxes: Property taxes are local government taxes based on the value of your property. In Reno, the property tax rate is around 0.46% of the home’s assessed value.
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: 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 Reno, NV
Reno’s cost of living is about 4% lower than the national average. But housing is almost 11% higher, and transportation is more than 23% higher.
Cost of living is benchmarked at 100. In Reno, the cost of living index is 104.1. Here’s how Reno compares to the national average in other areas:
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.
Reno’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Reno, 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. To qualify, you typically must not have owned a primary residence within the past three years. These programs can make homeownership more accessible, especially for those with limited savings.
Lowering your mortgage payment can free up room in your budget and make homeownership more manageable over time. Here are several ways to reduce your monthly mortgage costs:
• Get rid of PMI. Drop private mortgage insurance (PMI) once you reach 20% equity in your home, either through regular payments or home appreciation. This can significantly lower your monthly mortgage payment and reduce the overall cost of homeownership.
• Extend the term of your loan. While this increases the total interest paid, it can reduce your monthly payments, making the mortgage more manageable in the short term.
• Appeal your property taxes if you believe your assessment is too high. Start by gathering evidence, such as recent comparable home sales in your area, to support your case. 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. This can involve changing the interest rate, extending the loan term, or reducing the principal, helping you avoid foreclosure and stay in your home.
• Shop for a lower homeowners insurance rate. You may be able to lower your premium by increasing your deductible, bundling homeowners and auto insurance, or making upgrades that enhance your home’s security or storm resistance.
The Takeaway
A Reno mortgage calculator gives you a look at your potential monthly mortgage payment and total loan cost, allowing you to understand the full financial picture of purchasing a home before signing on the dotted line. It also helps you see how interest rates, down payment amounts, and loan terms affect your payment and total cost.
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 Reno was $3,490 in 2025. But payments for the same priced home vary based on down payment and interest rate.
What are principal and interest on a mortgage loan?
The principal on a mortgage loan is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. 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?
How much you should put down on a mortgage depends on your individual financial situation. Most homebuyers put down between 3% and 20% of the purchase price of the home. A larger down payment can reduce your monthly mortgage payment and the total interest paid over the life of the loan. However, if you’re a first-time homebuyer or have limited savings, a smaller down payment may be your only option. If that’s the case, down payment assistance programs can help.
Should I choose a 30-year or 15-year mortgage term?
A 30-year mortgage offers lower payments but higher overall interest. A 15-year mortgage has higher payments but lower interest and faster equity building. Choose the 15-year option if you can afford the payments. If you need more budget flexibility, the 30-year term might be better.
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 secure more favorable interest rates, as lenders view you as a lower risk. Pay down existing debts, make timely payments, and avoid opening new lines of credit before applying for a mortgage. Additionally, shop around for lenders and consider refinancing if market rates drop.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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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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