North Dakota Mortgage Calculator
Mortgage is next to the only affordable option for low to average income home buyers in many parts of North Dakota and the rest of the United States. On this page we offer a convenient North Dakota home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in North Dakota.
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Total interest paid | $0 |
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Best mortgage lenders in North Dakota
The most popular mortgage lenders in North Dakota operate nationwide. These include such recognizable names as Rocket Mortgage, Pentagon Federal Credit Union, First Citizens Bank. Several lesser known but trustworthy options include North Dakota-based Valley Mortgage Inc, Anytime Mortgage LLC.
How to calculate mortgage payment in North Dakota
Use our fast and simple mortgage calculator ND to estimate your upcoming monthly expenses. A detailed step-by-step instruction follows below.
Why and How to Use Our Mortgage Calculator
Use our house payment calculator North Dakota for comprehensive planning of your future spendings. Let's delve into each field in order to gain a better understanding of the mortgage in North Dakota parameters.
The first component is the home price – that is, the amount you intend to invest in your future property. A down payment represents the initial portion of this price to be paid upfront. To avoid costly insurance, it is necessary to provide at least a 20% down payment (in the case of a conventional loan). The remaining amount constitutes the principal, which is typically 80% of the home price with a 20% down payment.
A loan term indicates the period required for complete repayment of your mortgage through scheduled payments. Fixed-rate conforming loans typically extend up to 30 years, while adjustable-rate options often have shorter terms.
An interest rate represents a fixed or variable percentage of the principal that you must pay over the loan's duration. It's important to note that you are actually charged an annual percentage rate (APR), which is not identical to the interest rate. Although the interest rate comprises the majority of the APR, the latter also encompasses various fees such as origination fees, closing costs, insurance payments, and more.
For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in North Dakota, given a $400,000 home price and a 10% down payment.
Median property taxes in North Dakota counties
Property taxes are another significant consideration when selecting your future home. Many lenders may require the creation of a mortgage escrow account to ensure that the borrower stays current with their tax and insurance obligations.
County | Avg. property tax rate | Avg. home value |
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Adams County | $687 | $144,900 |
Barnes County | $1,333 | $117,200 |
Benson County | $527 | $68,900 |
Billings County | $365 | $185,300 |
Bottineau County | $734 | $140,500 |
Bowman County | $925 | $149,600 |
Burke County | $380 | $115,300 |
Burleigh County | $2,385 | $266,000 |
Cass County | $2,762 | $224,800 |
Cavalier County | $858 | $95,500 |
Dickey County | $1,033 | $110,400 |
Divide County | $561 | $150,800 |
Dunn County | $682 | $168,800 |
Eddy County | $647 | $74,200 |
Emmons County | $675 | $92,200 |
Foster County | $1,084 | $125,600 |
Golden Valley County | $642 | $119,900 |
Grand Forks County | $2,546 | $205,100 |
Grant County | $744 | $79,800 |
Griggs County | $810 | $91,800 |
Hettinger County | $565 | $108,200 |
Kidder County | $590 | $104,400 |
LaMoure County | $804 | $91,100 |
Logan County | $713 | $79,000 |
McHenry County | $664 | $116,700 |
McIntosh County | $721 | $72,300 |
McKenzie County | $655 | $213,600 |
McLean County | $983 | $159,300 |
Mercer County | $1,268 | $166,200 |
Morton County | $1,988 | $187,600 |
Mountrail County | $811 | $169,800 |
Nelson County | $643 | $78,700 |
Oliver County | $1,148 | $171,800 |
Pembina County | $952 | $85,500 |
Pierce County | $931 | $110,400 |
Ramsey County | $1,303 | $130,400 |
Ransom County | $1,117 | $120,600 |
Renville County | $649 | $125,900 |
Richland County | $1,427 | $116,000 |
Rolette County | $816 | $73,700 |
Sargent County | $1,124 | $96,400 |
Sheridan County | $566 | $84,900 |
Sioux County | $534 | $76,300 |
Slope County | $375 | $89,300 |
Stark County | $1,606 | $228,200 |
Steele County | $744 | $72,000 |
Stutsman County | $1,406 | $130,900 |
Towner County | $656 | $73,000 |
Traill County | $1,393 | $127,200 |
Walsh County | $891 | $83,700 |
Ward County | $1,806 | $206,600 |
Wells County | $873 | $84,200 |
Williams County | $1,395 | $238,900 |
Source: American Communities Survey 2016, U.S. Census
North Dakota Housing Market 2024
Over the past year, there has been a notable surge in the housing market's value in North Dakota. This trend follows a long-standing pattern that was amplified by the COVID-19 pandemic. However, it's worth noting that the rate of growth has slowed compared to the previous year. Additionally, both purchase and refinance rates have been steadily rising for some time and are anticipated to continue increasing 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 Dakota
To begin with, there are several federal agencies (USDA, FHA, and VA) that provide loan guarantees to specific borrowers. Many first-time homebuyers can discover options that best align with their budget.
Besides these government-guaranteed programs, it is worth considering some offers from UHC (North Dakota Housing Corporation) available to North Dakotans. In particular, first-time home buyers can apply for FirstHome – down payment and closing costs assistance program, if they qualify for a FHA loan and their FICO score is at least 660. This option covers up to 6% of the loan amount toward down payment and/or the closing costs. It is important to note that this option comes in the form of a 30-year-fixed-rate second loan only. If you do not qualify for the FirstHome program, do not despair. North Dakota Housing Score Loan is an alternative program that covers up to 4%. The minimum satisfactory credit score is 620.
Here are some valuable tips for first-time homebuyers:
- Get pre-approved in advance. This will enhance your credibility in the eyes of home sellers. It's highly recommended to obtain pre-approval letters from not just one, but at least two or three different lenders.
- Compare mortgage rates from different lenders. Consider at least three lenders to ensure you make an informed choice.
- Conduct preliminary calculations based on the amount you've been pre-approved for. Plan your future expenses accordingly.
- Save as much as you can for a down payment, and start saving early. A larger down payment reduces the principal amount, potentially lowering your overall expenses. Therefore, it's important to begin saving in advance.
- If you're eligible for a VA loan, prioritize this option.
- Explore government-backed plans as well as local assistance programs. There may be enticing offers that you shouldn't overlook.
- If possible, pay off any existing debts to improve your financial position.