Retaining the leading term of a possible Fourier series for the problem of nonlinear gravity waves on deep water we obtain an accurate one-term approximation to exactly satisfy the kinematic and dynamic boundary conditions at the wave crest and wave trough using the collocation method. Examination of mathematical validity indicates slightly better accuracy of the one-term approximation up to an existing third-order Stokes wave theory obtained by the perturbation method. The one-term approximation in simple expressions shows the nonlinearity of gravity waves by an increase of kinematic and dynamic properties, like wave crest, wave speed and Bernoulli's constant with wave steepness. Accurate calculation of kinematic and dynamic properties by the one-term approximation can offer useful references for planning or designing marine structures on coastal engineering.