North Carolina Mortgage Calculator
Mortgage is next to the only affordable option for low to average income home buyers in many parts of North Carolina and the rest of the United States. On this page we offer a convenient North Carolina home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in North Carolina.
| Total principal & interest | $0 |
| Monthly payment | $0 |
| Total interest paid | $0 |
| Payoff date | Date |
Detailed payment info
| Date | Payment | Principal Paid | Interest Paid | Remaining Balance |
|---|
Today's Mortgage Rates Trends in North Carolina
| Product | Rate | 1w change | APR | 1w change |
|---|---|---|---|---|
| 30-year fixed | 7.17 | 0.68% | 7.192 | 0.68% |
| 20-year fixed | 7.082 | 1.09% | 7.111 | 1.08% |
| 15-year fixed | 6.291 | -0.02% | 6.326 | -0.02% |
| 10-year fixed | 6.332 | -0.03% | 6.381 | -0.03% |
| 30-year fixed-rate FHA | 6.858 | 0.38% | 7.988 | 0.3% |
| 30-year fixed-rate VA | 6.802 | -0.1% | 7.04 | -0.1% |
- 30 Year Fixed
- 20 Year Fixed
- 15-Year Fixed
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Best mortgage lenders in North Carolina
The most popular mortgage lenders in North Carolina operate nationwide. These include such recognizable names as Rocket Mortgage, Northpointe Bank, AmeriSave. Several lesser known but trustworthy options include North Carolina-based Raleigh Mortgage Group, Alpha Mortgage Corporation.
How to calculate mortgage payment in North Carolina
Use our simple mortgage calculator NC to evaluate your future monthly expenses. Detailed step-by-step instructions follow below for your convenience.
Why and How to Use Our Mortgage Calculator
Use our house payment calculator North Carolina for thorough planning of your future spendings. Let's delve into the essential aspects in order to gain a better understanding of the mortgage in North Carolina parameters.
- Home Price and Down Payment. The initial consideration is the home price, which signifies how much you intend to invest in your future property. A crucial part of this is the down payment, which is the portion of the home price that you need to pay upfront. To avoid expensive insurance, it is advisable to come up with at least a 20% down payment for a conventional loan. The remaining amount constitutes the principal, which, in the case of a 20% down payment, would be 80% of the home price.
- Loan Term. The loan term represents the duration within which you will fully repay your mortgage through scheduled payments. Fixed-rate conforming loans typically have a maximum term of 30 years, while adjustable-rate options generally have shorter terms.
- Interest Rate and APR. The interest rate is a fixed or variable percentage of the principal that you are obligated to pay throughout the loan's duration. It's important to note that you are actually charged an Annual Percentage Rate (APR), commonly abbreviated as APR, which is not identical to the interest rate. While the interest rate forms the core of the APR value, the latter also encompasses various fees such as origination fees, closing costs, insurance payments, and more.
To provide a more precise assessment, the interest rate used for these calculations is based on current mortgage rates in North Carolina, considering a $400,000 home price and a 10% down payment. This additional context can help you make a more informed decision about your mortgage options.
Median property taxes in North Carolina counties
The property tax is another important thing to consider when selecting your future house. Many lenders insist on setting up a mortgage escrow account to ensure the borrower’s keeping up with the tax and insurance costs.
| County | Avg. property tax rate | Avg. home value |
|---|---|---|
| Alamance County | $981 | $153,800 |
| Alexander County | $652 | $131,800 |
| Alleghany County | $663 | $136,000 |
| Anson County | $662 | $83,700 |
| Ashe County | $727 | $150,300 |
| Avery County | $561 | $138,800 |
| Beaufort County | $702 | $123,600 |
| Bertie County | $498 | $78,900 |
| Bladen County | $680 | $89,500 |
| Brunswick County | $933 | $214,300 |
| Buncombe County | $1,257 | $240,100 |
| Burke County | $770 | $125,100 |
| Cabarrus County | $1,396 | $208,000 |
| Caldwell County | $774 | $119,800 |
| Camden County | $1,146 | $222,500 |
| Carteret County | $949 | $204,500 |
| Caswell County | $727 | $104,700 |
| Catawba County | $865 | $143,200 |
| Chatham County | $1,430 | $277,400 |
| Cherokee County | $745 | $145,500 |
| Chowan County | $912 | $128,300 |
| Clay County | $577 | $154,600 |
| Cleveland County | $858 | $112,500 |
| Columbus County | $872 | $85,200 |
| Craven County | $961 | $159,600 |
| Cumberland County | $1,336 | $136,500 |
| Currituck County | $900 | $244,500 |
| Dare County | $1,421 | $285,000 |
| Davidson County | $855 | $140,000 |
| Davie County | $1,092 | $170,000 |
| Duplin County | $676 | $88,800 |
| Durham County | $2,001 | $227,200 |
| Edgecombe County | $827 | $84,000 |
| Forsyth County | $1,420 | $156,500 |
| Franklin County | $1,070 | $158,100 |
| Gaston County | $1,254 | $141,400 |
| Gates County | $882 | $142,500 |
| Graham County | $539 | $124,800 |
| Granville County | $958 | $146,100 |
| Greene County | $740 | $85,700 |
| Guilford County | $1,494 | $164,500 |
| Halifax County | $870 | $86,500 |
| Harnett County | $995 | $150,700 |
| Haywood County | $972 | $175,900 |
| Henderson County | $1,025 | $211,400 |
| Hertford County | $809 | $86,800 |
| Hoke County | $874 | $137,700 |
| Hyde County | $692 | $81,000 |
| Iredell County | $977 | $185,000 |
| Jackson County | $674 | $177,200 |
| Johnston County | $1,128 | $159,300 |
| Jones County | $627 | $92,700 |
| Lee County | $1,183 | $138,400 |
| Lenoir County | $865 | $93,500 |
| Lincoln County | $1,038 | $168,200 |
| Macon County | $662 | $162,000 |
| Madison County | $819 | $172,200 |
| Martin County | $766 | $83,100 |
| McDowell County | $521 | $110,400 |
| Mecklenburg County | $1,945 | $234,100 |
| Mitchell County | $566 | $140,600 |
| Montgomery County | $494 | $105,900 |
| Moore County | $1,198 | $233,800 |
| Nash County | $943 | $131,700 |
| New Hanover County | $1,394 | $242,600 |
| Northampton County | $729 | $81,900 |
| Onslow County | $822 | $158,600 |
| Orange County | $2,829 | $279,700 |
| Pamlico County | $838 | $150,600 |
| Pasquotank County | $1,096 | $158,900 |
| Pender County | $979 | $167,200 |
| Perquimans County | $982 | $165,500 |
| Person County | $807 | $118,500 |
| Pitt County | $1,134 | $150,800 |
| Polk County | $1,085 | $205,500 |
| Randolph County | $826 | $124,700 |
| Richmond County | $732 | $80,000 |
| Robeson County | $685 | $77,100 |
| Rockingham County | $853 | $118,800 |
| Rowan County | $948 | $130,000 |
| Rutherford County | $737 | $124,500 |
| Sampson County | $704 | $87,700 |
| Scotland County | $796 | $85,200 |
| Stanly County | $977 | $133,000 |
| Stokes County | $774 | $123,900 |
| Surry County | $780 | $125,300 |
| Swain County | $571 | $122,300 |
| Transylvania County | $811 | $202,100 |
| Tyrrell County | $748 | $113,100 |
| Union County | $1,425 | $232,300 |
| Vance County | $860 | $95,500 |
| Wake County | $1,793 | $276,000 |
| Warren County | $777 | $93,900 |
| Washington County | $888 | $86,000 |
| Watauga County | $898 | $240,700 |
| Wayne County | $866 | $117,600 |
| Wilkes County | $702 | $135,400 |
| Wilson County | $1,023 | $123,300 |
| Yadkin County | $866 | $127,300 |
| Yancey County | $580 | $139,800 |
Source: American Communities Survey 2016, U.S. Census
North Carolina Housing Market 2024
The past year has seen a steep increase in the market value of housing in North Carolina. This continues a longstanding trend amplified by the COVID pandemic. Nevertheless, the pace of growth has diminished compared to the previous year, while both purchase and refinance rates have been on the increase for some time and are expected to rise further in the near future.
How do I calculate my mortgage payment?
The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:
M = P*i(1 + i)^n / (1 + i)^n – 1
M – estimated monthly mortgage payment;
P – principal;
I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);
N – the loan term expressed in months (in other words, the overall number of monthly payments)
Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).
I = .0699 % / 12 = .005825%.
Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.
M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.
So, you are going to pay about $4042 a month.
It is important to note that the calculated M value is approximate, as no extra fees are taken into account.
Tips for first-time home buyers in North Carolina
- Federal Agencies and Government Programs. To begin with, it's important to note that several federal agencies, including USDA, FHA, and VA, offer loan guarantees to eligible borrowers. These agencies provide a range of options that can align with your budget.
- UHC (North Carolina Housing Corporation) Offers. In addition to federal programs, consider the offerings from the North Carolina Housing Corporation (UHC), available to residents of North Carolina. Specifically, if you're a first-time homebuyer and meet the qualifications for an FHA loan with a FICO score of at least 660, you can apply for the FirstHome program. This program provides valuable assistance by covering up to 6% of the loan amount for down payments and/or closing costs. It's important to note that this assistance comes in the form of a 30-year-fixed-rate second loan.
- Alternative Program. If you don't qualify for the FirstHome program, don't lose hope. The North Carolina Housing Score Loan is an alternative program that offers assistance of up to 4%. To be eligible for this program, you need a minimum satisfactory credit score of 620.
Here are some practical tips for first-time homebuyers:
- Get Pre-Approved Early. Prioritize obtaining pre-approval for a mortgage before you start house hunting. Having pre-approval letters from multiple lenders can enhance your credibility in the eyes of home sellers.
- Compare Mortgage Rates. Don't limit yourself to one lender; compare rates and terms from at least three different lenders to secure the most favorable deal.
- Plan Your Finances. Based on the amount you've been pre-approved for, create a comprehensive budget that accounts for future expenses, including mortgage payments, utilities, and maintenance costs.
- Save for a Down Payment. Begin saving for a down payment as early as possible.
- Consider VA Loans. If you're eligible for a VA loan, explore this option first, as it often offers favorable terms.
- Explore Government and Local Programs. Investigate government-backed plans and local assistance programs, as they may present enticing offers.
- Debt Management. If feasible, work on paying off existing debts, as this can improve your creditworthiness and help you qualify for better loan terms.
By following these guidelines and exploring various loan programs, you can navigate the homebuying process with confidence and make informed decisions that suit your financial situation.