2024 North Carolina Mortgage Calculator

Updated: January 18, 2024

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North Carolina homeowners pay an average monthly mortgage of $1,122. The average household income in North Carolina is $6,146, so mortgages make up roughly 18% of the household budget.

The median home price in North Carolina is $189,900, and residents pay around $1,833 per year in property taxes. The average outstanding mortgage balance in the state is $162,520.

Various factors can impact your mortgage cost, including your home value, down payment, interest rate and more.

To learn more, MoneyGeek's unique North Carolina state mortgage calculator allows you to get a customized mortgage quote. We'll walk you through how to use the North Carolina mortgage calculator to receive a detailed breakdown of your potential mortgage payments. We will also share information about how to reduce your mortgage costs.

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WHAT WE CAN HELP WITH

Start Here: Plug In Your Mortgage Factors

MoneyGeek’s North Carolina mortgage calculator can help you estimate your mortgage costs. We break down the factors impacting your potential mortgage below.

Mortgage Calculator

Simply Estimate Your Loan Payments, Taxes & PMI.

Updated: Sep 7, 2024

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By Mandy Sleight, Licensed Insurance Agent

Please enter a valid US Zip Code
30-Year Fixed

Optional: add taxes, insurance, HOA Fees

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Next Steps

Get personalized mortgage rates from North Carolina.

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Why and How to Use Our Mortgage Calculator

By simply entering some information, MoneyGeek’s mortgage calculator can estimate the amount you may have to pay for a potential mortgage. This tool lets you estimate whether your budget will allow you to purchase a home and, if so, at what price.

In your home buying journey, the North Carolina mortgage calculator can help you make informed decisions. You will have a better knowledge of how mortgages work and the factors banks use to make their calculations.

When you use the North Carolina state mortgage calculator, the factors that you’ll see during the process include the following:

1
Home Price:

Our North Carolina mortgage calculator will compute the loan amount based on the maximum home price you can afford.

2
Down Payment:

The calculator uses this figure to calculate your loan amount. You can enter the down payment as a dollar sum or as a percentage of the purchase price.

3
Interest Rate:

Input the loan's interest rate. Rates can be found in MoneyGeek's daily mortgage rate report.

4
Loan Terms:

The most common loan terms are 15 and 30 years, although you have the option of choosing your own term duration.

5
Payments per Year:

This is the frequency of payments made each year. The most common payment term is twelve months.

6
Property Tax:

You can enter this in “Other Fees.” On average, homeowners in North Carolina pay $1,833 per year in property taxes.

7
HOA Fees:

If your home is part of a homeowners association (HOA), you will pay dues.

8
Principal & Interest:

The principal is the amount borrowed, whereas the interest is the cost charged by the lender in exchange for lending you money.

9
Monthly Payment:

The principal and interest, property taxes, house insurance and HOA fees make up this amount.

10
Principal Payment:

This is the portion of each monthly payment that goes toward reducing the total debt.

11
Interest Payment:

This is how much you’ll pay in interest. It decreases as you pay down your loan balance.

12
Total Cost with Interest:

After all relevant factors have been considered, this is the total amount you will owe the lender.

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WHAT YOU CAN DO TO LOWER YOUR MONTHLY PAYMENT

A lower mortgage payment can free up cash in your budget and allow you to focus on other financial goals. There are a few ways that you can reduce your monthly mortgage payment. Here are a few options to consider:

  • Choosing a longer term. Extending the term of your loan can help you save money over time, but you may have to pay a higher interest rate.
  • Buy a more affordable home. Taking out a smaller loan for a less expensive home can lower your monthly mortgage payment.
  • Make a larger down payment. Putting down 20% or more on a home can help you avoid paying private mortgage insurance (PMI).
  • Research assistance programs. Look into assistance programs that can reduce the cost of homeownership.
  • Buy elsewhere. Consider purchasing a home in an area where the property taxes are lower.

Next Steps: What to Do After You Have Estimated Your Mortgage Payments

As a prospective homeowner in North Carolina, it’s important to understand the intricacies of mortgages. However, this can be incredibly complex. Fortunately, MoneyGeek broke down the information you need to know to help you during the process.

  1. Shop & Compare Rates – Make sure to do some research and compare mortgage offers before taking out a loan. Check out our article on North Carolina mortgage rates for additional information.
  2. Not Ready to Buy? – MoneyGeek can assist you in making the best decision possible whether to buy or rent a house in North Carolina.
  3. Learn More – MoneyGeek's comprehensive library of sections provides details on the numerous types of mortgages, including reverse mortgages, FHA home loans, USDA home loans and VA home loans.

Frequently Asked Questions About Mortgages in North Carolina

How much mortgage can I afford in North Carolina?

This depends on your income and expenses. However, lenders determine affordability based on your debt-to-income (DTI) ratio. Your loan is considered affordable if the DTI is 43% or less.

What is the average mortgage in North Carolina?

The average outstanding mortgage balance in North Carolina is $162,520.

Do I have enough cash for a down payment for a mortgage in North Carolina?

A zero-down mortgage may be possible when purchasing a home in North Carolina. You may also be able to put less than the traditional 20% down.

Do you really need private mortgage insurance in North Carolina?

Your lender may require you to acquire private mortgage insurance (PMI) if you put less than 20% down on your property.

What are the average annual property taxes in North Carolina?

On average, North Carolina residents pay $1,833 annually in property taxes.

What is the average monthly mortgage payment in North Carolina?

In North Carolina, the average monthly mortgage payment is $1,122. Use the North Carolina mortgage calculator to get a more accurate estimate of your monthly payments.

What is the median home price in North Carolina?

North Carolina has a median home value of $189,900.

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