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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$
Down payment
$
Loan term
Y
Interest rate
%
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Mortgage results
Total amount paid
Interest
$
Principal
$
Total principal & interest$0
Monthly payment$0
Total interest paid$0
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DatePaymentPrincipal PaidInterest PaidRemaining Balance

Today's Mortgage Rates Trends in North Dakota

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
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:

  1. 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.
  2. Compare mortgage rates from different lenders. Consider at least three lenders to ensure you make an informed choice.
  3. Conduct preliminary calculations based on the amount you've been pre-approved for. Plan your future expenses accordingly.
  4. 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.
  5. If you're eligible for a VA loan, prioritize this option.
  6. Explore government-backed plans as well as local assistance programs. There may be enticing offers that you shouldn't overlook.
  7. If possible, pay off any existing debts to improve your financial position.

FAQ

How much house can I afford in North Dakota?

To see whether a given property is within the limits of your budget, you must know its value and the tentative loan terms. Feed these to the calculator on the current page. Don't forget to account for your other debts, as well. Most advisers suggest keeping your mortgage payment at less than 28% of your monthly income, with total debt under 36%.

What credit rating do I need to qualify for a mortgage loan in North Dakota?

There is no definitive answer to this question. For conventional loans, credit scores starting from 620 are generally satisfactory. However, the exact conditions vary widely and include other essential criteria, including your income, current debt amount etc. For government-backed FHA plans, there is no predefined threshold, and each lender has the right to set their own requirements. Typically, a credit score of 500 or better may qualify.

What is the average mortgage rate in North Dakota?

At the time of writing, the average rates for conventional fixed-rate mortgages are 7.1960% and 6.2500% for a 30-year and a 15-year loan term, respectively.