What a Las Vegas home actually costs per month
Buyers focus on square footage, bedrooms and curb appeal. The decision almost always comes down to the monthly payment — and the payment shown on Zillow isn't the payment. Here are real numbers on three actual listings at $495K, $750K and $1.1 million.
$495K, FHA 3.5% down
$3,464
Plus $33 HOA
$750K, conventional 5% down
$5,042
Plus $114 HOA
$1.1M, jumbo 20% down
$6,513
Including $309 HOA
This comes from a session with Wes Friedman, our mortgage advisor, running actual quotes on three real listings across three price points.
Every number below is his, from a quoting system rather than a calculator. I've checked the arithmetic on all of them.
Why the payment you saw online is wrong
Listing site estimates show principal and interest only. They also tend to default to a rate below what's actually available, which makes the number look better than anything you'll be quoted.
Missing from that figure: property taxes, homeowner's insurance, HOA dues, and mortgage insurance. On the $495,000 house below, mortgage insurance alone is $217 a month on an FHA loan — and it never appears in an online estimate.
PITI is principal, interest, taxes and insurance. In Las Vegas, taxes and insurance are usually escrowed into the payment. HOA is paid separately.
Taxes and insurance don't go away even if you pay cash. And master-planned communities mean HOA dues are the norm here rather than the exception.
$495,000 in North Las Vegas
Four bedrooms, 2,356 square feet, built 2005. Property taxes $193 a month, homeowner's insurance estimated at $100 a month (roughly $1,200 a year), HOA $33 a month.
| Loan type | Down | Rate | Mortgage insurance | Total PITI |
|---|---|---|---|---|
| FHA | 3.5% | 6.125% | $217/mo | $3,464 |
| VA | 0% | — | None | $3,300 |
| Conventional | 5% | 6.5% | $86/mo | $3,312 |
| Conventional | 20% | — | None | Lower still |
HOA of $33 is additional to every figure above.
Note what happens between FHA and conventional. FHA carries the lower rate but the far higher mortgage insurance — $217 against $86 — so the conventional loan with 5% down actually lands cheaper per month despite a higher rate and a larger down payment.
The VA loan comes in lowest despite financing 100% of the purchase, because VA loans carry no mortgage insurance at all.
Buying at $495,000 in this market puts you somewhere between roughly $2,700 and $3,400 a month depending on program and down payment.
Understanding the mortgage insurance difference
FHA mortgage insurance lasts the life of the loan if you put down less than 10%. It doesn't fall away as you build equity. That's the real cost of the low down payment and the more forgiving credit requirements.
Conventional mortgage insurance is temporary. As you pay down principal and the property appreciates, it drops off. You can often call your servicer and request removal once you're below 80% loan-to-value — they may want a drive-by or full appraisal, which you pay for, but it's a one-time cost to remove a recurring one.
Where FHA genuinely wins
Credit sensitivity. On an FHA loan, a 640 score may get much the same rate as a 720. Conventional pricing is far more score-driven — the lower your score, the higher your rate. If your credit is thin or recovering, FHA can be the better product even with the permanent mortgage insurance.
And the argument against 20% down
At $86 a month, conventional mortgage insurance costs far less than tying up an extra 15% of the purchase price. If the payment is comfortable, there's a case for putting 5% down and deploying the difference elsewhere.
Mortgage insurance is a word that frightens people more than the number justifies. Worth doing the arithmetic rather than reacting to the term.
$750,000 in Summerlin
Three bedrooms, 2,470 square feet, built 2005. Property taxes $341 a month, insurance estimated at $125, HOA $114.
| Loan type | Down | Rate | P&I | Total PITI |
|---|---|---|---|---|
| VA | 0% | 6.125% | $4,557 | $5,023 |
| Conventional | 5% | 6.49% | $4,445 | $5,042 |
| Conventional | 20% | — | $3,743 | $4,209 |
HOA of $114 is additional. Mortgage insurance on the 5% down conventional is $131 a month.
FHA is off the table here. The FHA loan limit is $541,287, so you'd be covering the difference in cash — at which point you may as well use a conventional loan with 20% down.
Look at the top two rows. VA with nothing down and conventional with 5% down land within $19 a month of each other. The VA's lower rate offsets the larger loan almost exactly. Not everyone can access a VA loan, but if you served, it's usually the best product available.
$1.1 million in Southern Highlands
Five bedrooms, 4,445 square feet, built 2003. Property taxes $549 a month, insurance estimated at $165, HOA $309.
| Loan type | Down | Rate | P&I | Total with HOA |
|---|---|---|---|---|
| VA high balance | 0% | 5.875% | $6,683 | $7,707 |
| Jumbo | 20% | — | $5,490 | $6,513 |
| Piggyback 80/10/10 | 10% | 8.5% on the second | $5,195 + $1,015 | $7,234 |
This is where most people's mental model breaks. A million-dollar house at zero down is a $7,700 monthly payment. People with excellent credit routinely react to that number with surprise — and it isn't the rate, it's taxes, insurance and HOA stacking on top.
Above $832,750 in Clark County, the rules change
That's the conforming loan limit here. Above it you're in jumbo territory, and jumbo underwriting is materially stricter.
- 20% down, no exceptions
- Tighter debt-to-income — around 43% or lower, where a conforming loan with 20% down might allow up to 49%
- Asset reserves required — typically six months of the full payment, held after your down payment and closing costs
On a $5,000 monthly payment that's roughly $30,000 sitting in an account after closing. It doesn't have to be cash — investment accounts count, though typically only 70% of their value, since they're subject to market movement. A $1 million portfolio counts as $700,000.
Reserves aren't used for the purchase. They exist purely to demonstrate you could keep paying if something went wrong.
How to buy above $832,750 without 20% down
Split it into two loans.
The first mortgage is set at the conforming limit of $832,750, which keeps it under conventional underwriting rather than jumbo. A second mortgage covers up to 10% of the value, and you bring 10% down.
The advantage is escaping jumbo guidelines entirely — no reserve requirement, standard debt-to-income treatment.
The cost is the second mortgage rate. In second position, expect somewhere between 7.5% and 8.5% even with excellent credit. On the $1.1 million example that's $1,015 a month on top of a $5,195 first mortgage.
Total comes to about $720 a month more than the 20% down jumbo — in exchange for keeping $110,000 in your pocket.
If you go this route, the second mortgage is what you pay off first. It's the expensive money.
It isn't about whether you're good for it
People get defensive when asked. "I have an 800 credit score, don't worry about it."
That's not the question. The question is whether you know the real number before you fall in love with a house. Plenty of people shop at a million dollars and then see the payment and reconsider.
A proper consultation also catches things a credit report doesn't show. Life insurance premiums, private school tuition, caring for a family member — none of that appears in underwriting, and all of it affects what payment you can actually live with.
The point is knowing the full picture before you're standing in the driveway, not after.
Monthly payment FAQ
Why is my actual mortgage payment higher than the Zillow estimate?
Listing site estimates typically show only principal and interest, and often default to a rate below what's currently available. They exclude property taxes, homeowner's insurance, HOA dues and mortgage insurance. On a $495,000 Las Vegas home, FHA mortgage insurance alone adds $217 a month, taxes $193 and insurance around $100, none of which appears in the online figure.
What is the real monthly payment on a $500,000 house in Las Vegas?
Between roughly $2,700 and $3,400 a month depending on loan program and down payment. On an actual $495,000 North Las Vegas listing, FHA with 3.5% down came to $3,464 including mortgage insurance, conventional with 5% down was $3,312, and VA with nothing down was $3,300. HOA dues of $33 were additional to all three.
Is FHA or conventional better for a first-time buyer?
It depends on your credit. FHA offers lower rates and is far less credit-score-sensitive — a 640 score may price similarly to a 720. But FHA mortgage insurance lasts the life of the loan if you put down under 10%, at $217 a month in this example against $86 for conventional. Conventional mortgage insurance falls off as you build equity. With solid credit, conventional at 5% down often costs less monthly despite the higher rate.
What is a jumbo loan and when do you need one?
Any loan above the conforming limit, which is $832,750 in Clark County. Jumbo underwriting is stricter: 20% down with no exceptions, debt-to-income capped around 43% rather than up to 49%, and asset reserves of roughly six months of payments held after closing. Investment accounts count toward reserves at about 70% of their value.
Can you buy a million-dollar home with less than 20% down?
Yes, using a piggyback structure. The first mortgage is set at the conforming limit of $832,750, a second mortgage covers up to 10% of the value, and you put 10% down. This avoids jumbo underwriting entirely, including reserve requirements. The trade-off is the second mortgage rate, typically 7.5% to 8.5% even with strong credit — roughly $720 a month more than a 20% down jumbo on a $1.1 million purchase.
Should I put 20% down to avoid mortgage insurance?
Not automatically. Conventional mortgage insurance can be as little as $86 a month, which is modest against tying up an extra 15% of the purchase price. If the payment is comfortable, putting 5% down and deploying the difference elsewhere may serve you better. Conventional mortgage insurance also drops off as you pay down principal and the property appreciates.
Get real numbers on a real house
Every figure above is specific to those properties — taxes and HOA vary enormously from one home to the next. If you want an accurate payment estimate for a house you're actually considering, based on your credit and down payment, reach out.
And if you're worried your credit isn't strong enough to qualify, reach out anyway. A lot of people who feel that way do qualify, or need a small amount of work to get there.