CALCMONEY // MORTGAGE REFINANCE // NV
Nevada average rate: 6.90%. On the median loan of $344,000, a 1% rate drop saves $225/month and breaks even in 39 months.
Calculate Your Refinance6.90%
$430,000
$2,266
$8,600
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.40% (save 0.5%) | $2,152 | $114/mo | 6yr 4mo | $32,384 |
| 5.90% (save 1.0%) | $2,040 | $225/mo | 3yr 3mo | $72,470 |
| 5.40% (save 1.5%) | $1,932 | $334/mo | 2yr 2mo | $111,611 |
The median home price in Nevada is $430,000. At 80% LTV, the typical loan is $344,000 at the current 6.90% average rate, producing a monthly P+I payment of $2,266. Total interest over 30 years at this rate: $471,610.
Property taxes in Nevada average 0.6% of assessed value, or $2,580 per year on the median home. This adds $215/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.
Nevada has no state income tax, so there is no state-level mortgage interest deduction. The federal deduction still applies on loans up to $750,000 for itemizers.
Rhode Island
$425,000 median home
MDMaryland
$420,000 median home
IDIdaho
$445,000 median home
MTMontana
$445,000 median home