Monthly Payment on a $350K Mortgage in Nevada
Using Nevada's 0.53% property tax rate and $1,700/yr homeowners insurance.
$350K 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% | $2,378 | $2,269 | $1,886 |
| 6.0% | $2,484 | $2,369 | $1,975 |
| 6.5% | $2,592 | $2,471 | $2,066 |
| 7.0% | $2,702 | $2,576 | $2,159 |
| 7.5% | $2,815 | $2,683 | $2,254 |
| 8.0% | $2,930 | $2,791 | $2,351 |
How This Compares to Nevada's Median
A $350K home is 18% below Nevada's median of $425K. You'll find homes at this price in cities like Elko, Fallon, Pahrump, Winnemucca, Ely.
Income Needed for a $350K Home in Nevada
To afford this payment of $2,471/mo in Nevada, you'd need a household income of approximately $106K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K 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 $1,820 to your transaction costs.
What to Know About a $350K Mortgage in Nevada
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Nevada's 0.53% property tax ($155/mo) and $1,700/yr insurance ($142/mo) brings your total to $2,471/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.