Calculate your total monthly housing cost with our las vegas mortgage calculator. Specifically tuned for the Nevada market, this tool includes estimates for local property taxes and the HOA fees common in Las Vegas communities like Summerlin and Henderson.
las vegas mortgage calculator
las vegas mortgage calculator Formula
This calculator combines the standard mortgage amortization with Las Vegas-specific recurring costs like property taxes and Homeowners Association (HOA) fees.
Total = P&I + (Tax/12) + HOA
Variables
- P&I: Principal and Interest payment.
- Tax: Annual Property Tax (Home Price * Rate).
- HOA: Monthly fees for community amenities.
- i: Monthly interest rate.
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What is a Las Vegas Mortgage Calculator?
A las vegas mortgage calculator is tailored for the unique housing market in Southern Nevada. Unlike national averages, Las Vegas has relatively low property taxes (often under 1%) but a high prevalence of master-planned communities (like Summerlin, Green Valley, and Aliante) that charge monthly HOA fees.
Ignoring HOA fees can lead to underestimating your monthly obligation by $50 to $300+ per month. This tool ensures you see the full PITI+HOA picture.
How to Calculate Vegas Mortgage Payments (Example)
- Home Price: $425,000 (Median Vegas Home).
- Down Payment: 10% ($42,500).
- Loan Amount: $382,500.
- Costs: Interest (6.5%), Tax (0.6%), HOA ($100).
- Result: The calculator sums the loan repayment + monthly tax portion + HOA for your total payment.
Frequently Asked Questions (FAQ)
Property taxes in Clark County are roughly 0.5% to 0.7% of the home’s taxable value, which is often lower than the market value due to Nevada’s tax abatement laws.
Not all, but many do. Condos, townhomes, and homes in master-planned communities almost always have HOAs. Older neighborhoods near the strip or downtown often do not.
This calculator focuses on P&I, Tax, and HOA. If you put down less than 20% on a conventional loan, you should also budget for Private Mortgage Insurance (PMI).
Nevada closing costs are generally moderate. Buyers should budget for title insurance, recording fees, and lender fees. Sellers typically pay the real estate agent commissions and transfer taxes.