Find your true monthly payment — principal, interest, taxes, insurance, and HOA — not just the teaser number lenders advertise. Built by a Las Vegas broker with 1,600+ closings.
✓ Last updated: June 2026 · Formula verified against CFPB amortization standards
How this mortgage calculator works
Your real monthly housing cost has two components that most online calculators separate — or worse, omit. The first is principal and interest (P&I), which is the payment that actually reduces your loan balance. The second is PITI extras: property taxes, homeowner's insurance, PMI if applicable, and HOA dues. These are typically collected monthly into an escrow account managed by your servicer.
Many lenders advertise only the P&I number because it looks smaller. By the time you add taxes and insurance at a Las Vegas closing, the real payment is often 20–35% higher than the advertised figure. After watching that surprise play out at 1,600+ closings, I built this calculator to show the honest number upfront.
The formula, fully explained
The P&I payment uses the standard fixed-rate amortization formula, which is the same math every lender and loan-origination system in the U.S. uses:
M = P × [ r(1 + r)n ] ÷ [ (1 + r)n − 1 ]
MMonthly payment (what you owe each month, P&I only)PPrincipal = home price minus down paymentrMonthly interest rate = annual rate ÷ 12nNumber of payments = loan term in years × 12
The full monthly payment is then: M + (annual property tax ÷ 12) + monthly insurance + HOA.
Three real Las Vegas scenarios
📍 Scenario 1 — First-time buyer in Summerlin, NV (2026)
Home price$485,000
Down payment (5% FHA)$24,250
Rate (30-yr fixed, mid-2026)6.75%
P&I payment$2,988/mo
Property tax (~0.6% NV rate)$243/mo
FHA MIP (~0.55%/yr)$211/mo
Total real monthly payment$3,542/mo
📍 Scenario 2 — Move-up buyer in Henderson, NV (20% down, no PMI)
Home price$650,000
Down payment (20%)$130,000
Rate (30-yr fixed)6.625%
P&I payment$3,329/mo
Property tax + Insurance + HOA$525/mo
Total real monthly payment$3,854/mo
📍 Scenario 3 — What if rates rise 1%? (same Henderson home)
Rate at 6.625%$3,329/mo P&I
Rate at 7.625%$3,668/mo P&I
Difference over 30 years+$122,040 total interest
LessonLock rate when you can
Nevada-specific factors to know
Property tax rate
Nevada has one of the lowest property tax rates in the country — roughly 0.55%–0.75% of assessed value per year in Clark County. On a $500,000 home, that's about $2,750–$3,750 per year, or $229–$313 per month. California transplants are often shocked at how low Nevada taxes are — it's one of the biggest financial advantages of relocating here.
Many Las Vegas-area communities have HOA fees ranging from $60 to $300+ per month. Always confirm the HOA amount before making an offer; it's a fixed cost that doesn't go away.
Limitations and assumptions
Fixed rate only. ARMs have payments that reset — this formula doesn't model that variability.
PMI not shown separately. Add estimated PMI to the insurance field (0.3%–1.5%/yr for conventional; 0.55%/yr for FHA MIP).
Tax and insurance are estimates. Your lender's Loan Estimate is the authoritative pre-closing document.
Extra payments not modeled. One extra payment/year on a 30-yr loan shortens the term by 4–5 years.
Closing costs not included. Typical closing costs are 2%–5% of the loan amount.
From 1,600+ closings: what surprises buyers most
The lender quote and real payment are different numbers. Always ask for a full PITI quote and ask separately about PMI.
Rate shopping on the same day matters. Rates can move 0.125%–0.25% in a single day. Get at least three quotes on the same morning.
Your debt-to-income ratio is the gatekeeper. Conventional loans typically cap DTI at 43–45%. Know your number before falling in love with a house.
A 15-year term is more powerful than most buyers realize. You'll pay roughly half the total interest of a 30-year loan.
Extra principal payments early are disproportionately effective. Think of it like compound growth in reverse — like getting your bike to peak speed on the first hill instead of the last.
Frequently asked questions
PMI is not shown as a separate line, but you can include it. If your down payment is under 20%, conventional PMI typically costs 0.3%–1.5% of your loan amount per year. Divide by 12 and add to the "Insurance + HOA" field. FHA loans carry MIP — currently about 0.55%/year for most borrowers.
Use an actual quote from a lender if you have one. If you're just exploring scenarios, use the current national average 30-year fixed rate published by Freddie Mac (updated weekly). Your actual rate depends on your credit score, loan-to-value ratio, and loan type.
Advertised mortgage payments are almost always principal and interest only. Your actual housing payment also includes property taxes, homeowner's insurance, PMI or FHA MIP if applicable, and HOA dues. These additions typically push the real payment 20–35% above the advertised P&I figure.
More down means a lower P&I payment and potentially no PMI. Less down preserves cash for repairs and emergencies. In practice, most first-time buyers should keep 3–6 months of housing costs in reserve regardless of down payment size.
The P&I math is exact — same formula used by every loan origination system in the U.S., verified against CFPB amortization standards. Taxes and insurance are inputs you control. Your lender will issue a Loan Estimate within 3 business days of application — that's the legally binding pre-closing number.
On a $400,000 loan at 6.5%, you'd pay roughly $510,000 in interest over 30 years versus about $216,000 over 15 years — a $294,000 difference. The 15-year monthly payment is higher but the wealth-building math is compelling.
Escrow is an account your mortgage servicer manages that collects 1/12 of your annual property taxes and insurance each month, then pays those bills when due. Most conventional loans with under 20% down require escrow. With 20%+ down, some lenders allow you to waive escrow.
VA loans have no down payment requirement, no PMI, and typically competitive rates. The main cost is the VA funding fee (1.25%–3.3% of the loan amount). Use the VA Mortgage Calculator for a side-by-side comparison.
Clark County averages 0.55%–0.75% of assessed value per year. Nevada law caps assessment increases at 3% per year for primary residences. The actual tax on a $500,000 home is roughly $2,750–$3,750 per year. Look up any property's current tax bill at the Clark County Assessor's website.
Yes. Enter your loan amount, FHA rate, and term. Then add your FHA MIP (currently ~0.55%/yr of loan amount divided by 12) to the Insurance+HOA field. FHA loans require a minimum 3.5% down payment with a 580+ credit score.
Extra principal payments reduce the outstanding balance, which means future interest is calculated on a smaller number. One extra monthly payment per year on a 30-year loan typically shaves 4–5 years off the term and saves tens of thousands in interest.
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Stanley King
Nevada Real Estate Broker · License BS.0143719 · eXp Realty · Top 1% Las Vegas & Henderson
22 years and 1,600+ home closings in the Las Vegas metro, serving Clark and Nye County. The mortgage formula in this calculator is the same one I walk buyers through at closing tables every week. I built this tool because I got tired of watching people get surprised by the gap between the advertised payment and the real one.
This calculator gives you the math. I can tell you if the numbers make sense for your situation — free consultation, no pressure. 22 years, 1,600+ closings, Clark and Nye County.
Disclaimer: This calculator is for general educational and informational purposes only. It does not constitute financial, mortgage, tax, or legal advice. Results are estimates based on the inputs you provide. Always verify figures with a licensed lender and consult qualified professionals. Stanley King is a licensed Nevada real estate broker (BS.0143719) and is not a licensed mortgage lender or financial advisor.