The nuclear matrix elements (NME) and phase space factors (PSF) entering the half-life formulas of the double-beta decay (DBD) process are two key quantities whose accurate computation still represents a challenge. In this paper we propose a new approach of calculating them, namely to compute directly their product as an unique formula. This procedure allows a more coherent treatment of the nuclear approximations and input parameters appearing in both quantities and avoids possible confusion in interpreting the DBD data due to different individual expressions adopted for PSF and NME (and consequently their reporting in different units) by different authors. Our calculations are performed for both two neutrino (2νββ) and neutrinoless (0νββ) decay modes, and for five nuclei of most experimental interest. Further, using the most recent experimental limits for 0νββ decay half-lives, we provide new constraints on the light mass neutrino parameter. Finally, by separating in the half-lives formulas the factor representing the axial-vector constant to the forth, we advance suggestions on how to reduce the errors introduced in calculation by the uncertain value of this constant by exploiting the DBD data from different isotopes and/or decay modes.