North Carolina Mortgage Calculator: Estimate Your Monthly Payment
Homeowners with mortgages pay roughly $1,122 per month for their mortgage. This is $37 less than the national average. However, rates can vary based on your unique financial circumstances. MoneyGeek researched factors that you should consider when buying a home in North Carolina. Our North Carolina mortgage calculator can help you with your home buying process.
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.
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.
North Carolina Mortgage Calculator
Edit your mortgage details
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:
Our North Carolina mortgage calculator will compute the loan amount based on the maximum home price you can afford.
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.
Input the loan's interest rate. Rates can be found in MoneyGeek's daily mortgage rate report.
The most common loan terms are 15 and 30 years, although you have the option of choosing your own term duration.
Payments per Year:
This is the frequency of payments made each year. The most common payment term is twelve months.
You can enter this in “Other Fees.” On average, homeowners in North Carolina pay $1,833 per year in property taxes.
If your home is part of a homeowners association (HOA), you will pay dues.
Principal & Interest:
The principal is the amount borrowed, whereas the interest is the cost charged by the lender in exchange for lending you money.
The principal and interest, property taxes, house insurance and HOA fees make up this amount.
This is the portion of each monthly payment that goes toward reducing the total debt.
This is how much you’ll pay in interest. It decreases as you pay down your loan balance.
Total Cost with Interest:
After all relevant factors have been considered, this is the total amount you will owe the lender.
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.
- 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.
- Not Ready to Buy? – MoneyGeek can assist you in making the best decision possible whether to buy or rent a house in North Carolina.
- 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
- Knueven, L. "The average monthly mortgage payment by state, city, and year." Accessed March 3, 2022.
- NC Department of Justice. "Private Mortgage Insurance." Accessed March 3, 2022.
- Tax Foundation. "Taxes In North Carolina." Accessed March 3, 2022.