Estimate Your Monthly Mortgage Payment
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Mortgage Help Financing Made Simple
Explore your mortgage options with confidence. We'll connect you with trusted lending professionals and help you navigate the financing process from pre approval to closing.
Down Payment
The typical rule of thumb is to pay 20 percent of the home's price as your down payment, although some mortgage loans require as little as 3.5 percent down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.
Loan Term
Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.
Loan Type
There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.
Interest Rate
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.
Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.
Home Insurance
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.
HOA Fees
A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.
Current Trends for Mortgage Rates in Reno, NV
How the Reno Housing Market Interacts With Borrowing Costs
The median sale price is up about 5.6% from last year, but opportunities exist across Washoe County if you know your numbers going in. Your lender will look at your income, your debts, and your down payment to pin down your exact rate and the maximum loan you can carry. Getting that done before you're standing in someone's kitchen is the move.
Common Home Loan Options for Washoe County Buyers
One thing to know upfront: loan limits determine which product you can actually use. For historical context, the 2024 conforming loan limit for a single-family home in Washoe County was $766,550. If the home you want requires borrowing above the county limit, you'll need to look at specialized financing.
Rates on conventional loans in Reno track closely with the national average of around 6.6%. A higher credit score and a larger down payment will get you a better rate, so if you're on the edge, it's worth asking your lender what it would take to move the needle before you apply.
FHA Financing
FHA loans are insured by the Federal Housing Administration, and they're built for buyers who need a little more flexibility. You can qualify with a credit score as low as 580 and put down just 3.5% - which is why this route works well for buyers who wouldn't make the cut on a conventional loan.
VA Loans for Veterans
There is a one-time funding fee, but you can roll it into the total loan amount rather than paying it out of pocket at closing. The one hard requirement: the home has to be your primary residence.
When your purchase price pushes the loan amount past the county's conforming limit, you're in jumbo territory. This comes up regularly for luxury properties or larger estates in areas like South Suburban Reno or near Mount Rose.
Fannie Mae and Freddie Mac don't buy these loans, so the lender is carrying the risk themselves. That means tighter standards - typically a credit score above 700, meaningful cash reserves, and a down payment somewhere between 10% and 20%.
State Programs for Down Payment Assistance
The flagship offering is "Home Is Possible," which pairs a 30-year fixed-rate mortgage with down payment and closing cost assistance of up to 4% of the loan amount. That assistance doesn't have to be repaid as long as you stay in the home for at least three years. To qualify, you'll need a minimum credit score of 660 - or 680 if you're buying a manufactured home. Income limits apply and vary based on household size and where in Washoe County you're buying.
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Frequently Asked Questions
How do current mortgage rates in Reno compare to the national average?
Pretty close to the same. As of mid-July 2026, the average 30-year fixed rate in Reno is roughly 6.6% to 6.7%, which lines up with what major rate aggregators are reporting nationally.