Monthly Payment on a $300K Mortgage in Nevada
Using Nevada's 0.53% property tax rate and $1,700/yr homeowners insurance.
$300K Mortgage in Nevada: Rate Comparison
Monthly PITI payment using Nevada's 0.53% property tax and $1,700/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,059 | $1,965 | $1,637 |
| 6.0% | $2,149 | $2,050 | $1,713 |
| 6.5% | $2,242 | $2,138 | $1,791 |
| 7.0% | $2,337 | $2,228 | $1,871 |
| 7.5% | $2,433 | $2,320 | $1,952 |
| 8.0% | $2,532 | $2,413 | $2,035 |
How This Compares to Nevada's Median
A $300K home is 29% below Nevada's median of $425K. You'll find homes at this price in cities like Winnemucca, Ely.
Income Needed for a $300K Home in Nevada
To afford this payment of $2,138/mo in Nevada, you'd need a household income of approximately $92K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $90K salary can afford →Closing Costs in Nevada
Estimated closing costs in Nevada: $5K (1.5% of purchase price). Nevada also charges a 0.52% transfer tax, which may add $1,560 to your transaction costs.
What to Know About a $300K Mortgage in Nevada
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Nevada's 0.53% property tax ($133/mo) and $1,700/yr insurance ($142/mo) brings your total to $2,138/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.