Nevada Mortgage Calculator

This calculator provides an accurate estimate of your monthly mortgage payment based on the inputs you provide. However, your actual payment may vary slightly based on additional factors like specific lender fees, exact tax assessments, insurance quotes, and whether you include escrow. For a precise payment amount, request an official Loan Estimate from us – we'll provide exact numbers based on current Nevada rates and your specific situation. Our estimates are typically within $50-100 of actual payments.

Your monthly mortgage payment typically includes Principal (paying down the loan), Interest (cost of borrowing), property Taxes, and homeowners Insurance – commonly called "PITI". If your down payment is less than 20%, you'll also pay PMI (Private Mortgage Insurance) for conventional loans or MIP (Mortgage Insurance Premium) for FHA loans. Additional costs may include HOA fees if your property has a homeowners association. Some borrowers choose to pay taxes and insurance separately rather than through escrow, but most lenders require escrow for the first few years.

A general rule is that your monthly housing payment (PITI) should not exceed 28% of your gross monthly income, and your total debt payments (including mortgage, car loans, credit cards, etc.) shouldn't exceed 43% of gross income. For example, if you earn $6,000/month, aim for a mortgage payment under $1,680/month. Using our calculator, if that payment includes $400 for taxes and insurance, you could afford roughly $1,280 in principal and interest – translating to about a $200,000-$220,000 loan at current rates. However, FHA loans can go up to 50% debt-to-income in some cases. Use our affordability calculator for a detailed analysis.

It depends on your financial goals and cash flow. A 30-year mortgage offers lower monthly payments and more budget flexibility, making it ideal for first-time buyers or those who want to invest extra cash elsewhere. A 15-year mortgage has a higher monthly payment but significantly lower total interest cost – you'll save $100,000+ on a typical Nevada home and build equity twice as fast. For example, on a $400K loan at 6.75%, a 30-year costs about $2,600/month while 15-year costs $3,540/month, but you save over $200,000 in interest. Many Nevada buyers start with 30-year for affordability and refinance to 15-year later. See our detailed comparison.

The primary way to avoid PMI is putting down 20% or more on a conventional loan. If you can't afford 20% down, alternatives include: (1) Lender-Paid PMI where the lender covers PMI in exchange for a slightly higher interest rate; (2) 80-10-10 "piggyback loan" where you take a second mortgage for 10%, put 10% down, avoiding PMI on the first mortgage; (3) VA loans if you're a veteran (no PMI ever, even with $0 down); or (4) Buy with less than 20% down, then request PMI removal once you reach 20% equity through payments or appreciation. Note that FHA loans require MIP for the life of the loan if you put less than 10% down, so conventional might be better if you're close to 20% down. In Nevada's appreciating markets, you can often refinance out of PMI within 2-3 years.

Most Nevada mortgages have no prepayment penalty, meaning you can pay extra toward principal or pay off the loan early without fees. However, always confirm with your lender that your specific loan doesn't have prepayment penalties (some adjustable-rate mortgages or specialized programs might). Making extra principal payments is a smart strategy – even one extra payment per year can shave 4-6 years off a 30-year mortgage and save tens of thousands in interest. You can use our calculator to see how different loan amounts affect your payment, then calculate savings from paying extra. Just specify in your payment that extra money goes to "principal" to ensure it reduces your loan balance rather than prepaying future payments.