Quick answer
The median home in Reno costs $460K. With 20% down ($92K) at 7% for 30 years, the monthly payment is $2,448/month. Total interest paid over 30 years: $513,393.
Calculator · NV · 2026
Mortgage Calculator for Reno, NV (2026)
Pre-filled with Reno's median home price of $460K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Reno Mortgage Payment Scenarios
Median home price: $460K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $23,000 | $437,000 | $2,907 | $3,928 | $609,654 |
| 10% | $46,000 | $414,000 | $2,754 | $3,721 | $577,567 |
| 20% | $92,000 | $368,000 | $2,448 | $3,308 | $513,393 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Reno
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $460K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$460K home · 20% down ($368K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Reno?
The median home price in Reno is $460K. With 20% down and a 30-year loan at 7%, the monthly payment is $2,448. Adding estimated property taxes and insurance brings total monthly costs to approximately $2,908.
Is it cheaper to rent or buy in Reno?
A 2-bedroom rental in Reno averages $1,820/month. Buying the median $460K home with 20% down costs approximately $2,908/month (mortgage + taxes + insurance) — $1,088 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Reno?
Using the 28% housing rule, you need at least $105K–125K in annual gross income to comfortably afford the median $460K home in Reno with 20% down. You also need $92K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Reno?
NV has a state income tax rate of None. Property taxes vary by county but on a $460K home, expect $383–$767/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.