Nevada Mortgage Calculator

Best mortgage lenders in Nevada

The most popular mortgage lenders in Nevada operate nationwide. These include such recognizable names as Rocket Mortgage, AmeriSave, Northpointe Bank. Several lesser known but trustworthy options include Nevada-based Superior Mortgage Lending LLC, Greater Nevada Mortgage.

How to calculate mortgage payment in Nevada

Use our simple mortgage calculator NV to estimate your future monthly expenses. Detailed step-by-step instructions follow below.

Why and How to Use Our Mortgage Calculator

Use our house payment calculator Nevada for thorough planning of your future spendings. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in Nevada parameters.

The initial piece of this puzzle revolves around the home price, which signifies the amount you intend to invest in your future property. A down payment represents the portion of this price that needs to be paid upfront. To avoid costly insurance, it's essential to come up with a minimum down payment of 20% in the case of a conventional loan. The remaining amount constitutes the principal, which, for example, would be 80% of the home price given a 20% down payment.

The loan term denotes the duration for the complete repayment of your mortgage through scheduled payments. Fixed-rate conforming loans typically extend up to 30 years, whereas adjustable-rate options usually have shorter terms.

An interest rate is a fixed or variable fraction of the principal that you must pay throughout the loan's duration. It's worth noting that you are actually charged an annual percentage rate (APR), commonly abbreviated as APR, which is not precisely the same as the interest rate. While the interest rate forms the majority of the APR value, the latter also encompasses various fees such as origination fees, closing costs, and insurance payments, among others.

For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in Nevada, given a $400,000 home price and a 10% down payment.

Median property taxes in Nevada counties

Property taxes are another vital consideration when choosing your future home. Many lenders insist on establishing a mortgage escrow account to ensure that the borrower keeps up with tax and insurance expenses.

Source: American Communities Survey 2016, U.S. Census

Nevada Housing Market 2024

Over the past year, the housing market in Nevada has experienced a notable increase in its market value, continuing a well-established trend that was further amplified by the COVID-19 pandemic. However, it's worth mentioning that the pace of growth has moderated compared to the previous year, even as both home purchase and refinance rates have been consistently increasing for some time, with expectations of further increases in the near future.

How do I calculate my mortgage payment?

The easiest method to accomplish this is by utilizing our calculator, which operates based on a straightforward formula. Alternatively, you can also compute the amount manually using the same formula:

M = P*i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).

I = .0699 % / 12 = .005825%.

Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

So, you are going to pay about $4042 a month.

It is important to note that the calculated M value is approximate, as no extra fees are taken into account.

Tips for first-time home buyers in Nevada

First, there are several federal agencies (USDA, FHA and VA) that guarantee loans for selected borrowers. Many first-time homebuyers can find options which most fit their budget.

Besides these government-guaranteed programs, it is worth considering some offers from UHC (Nevada Housing Corporation) available to Nevadans. In particular, first-time home buyers can apply for FirstHome – down payment and closing costs assistance program, if they qualify for a FHA loan and their FICO score is at least 660. This option covers up to 6% of the loan amount toward down payment and/or the closing costs. It is important to note that this option comes in the form of a 30-year-fixed-rate second loan only. If you do not qualify for the FirstHome program, do not despair. Nevada Housing Score Loan is an alternative program that covers up to 4%. The minimum satisfactory credit score is 620.

Some useful tips:

1. Prioritize getting pre-approved in advance, as this enhances your credibility in the eyes of home sellers. We strongly recommend obtaining pre-approval letters not just from one, but from at least two or three different lenders.
2. Compare mortgage rates from various lenders, ideally choosing at least three. The more options you explore, the better your decision-making process.
3. Perform initial calculations based on the pre-approved amount to effectively plan for your future expenses.
4. Begin setting aside funds for a down payment as early as possible and save as much as you can. A larger down payment reduces the principal amount, which, in turn, can lower your potential expenses. Starting to save in advance is crucial.
5. If you're eligible for a VA loan, it's advisable to consider this option as a top priority.
6. Explore government-backed plans and local assistance programs, as they may offer attractive opportunities that you shouldn't overlook.
7. Whenever possible, work on paying off any existing debts to improve your financial standing.