In the past decade, there has been a 40.4% increase in average home values in North Dakota. Today, the average home value in the state is $210,000, and prices have been predicted to appreciate by 3.8% within a year. The average mortgage payment in North Dakota is $107 less than the national average.
Taking out a mortgage loan is a huge financial step and it comes with an additional set of responsibilities. Therefore, it’s smart to do some research and planning before you apply. Factors such as your down payment, interest rates and loan terms affect your costs.
MoneyGeek’s North Dakota mortgage calculator lets you look at interest rates, prices, taxes and other factors related to your financial situation. Our calculator can help you get a tailor-made estimate of your potential costs.
Start Here: Plug In Your Mortgage Factors
MoneyGeek’s North Dakota mortgage calculator includes 12 factors contributing to your loan. We have included a guide below if you need more information about these factors.
Simply Estimate Your Loan Payments, Taxes & PMI.
Updated: Dec 5, 2023
Optional: add taxes, insurance, HOA Fees
Total Monthly Payment
*Optional: add taxes, insurance, HOA Fees
Why You Can Trust MoneyGeek
The MoneyGeek partners with some of the companies we write about. However, our content is written and reviewed by an independent team of editors and licensed agents. Reference our data methodology and learn more about advertising and editorial disclosure.
Why and How to Use our Mortgage Calculator
Taking out a mortgage affects your monthly budget. Mortgage calculators give you a gist of how much will be added to your expenses when purchasing a house. When you have an idea of your potential expenses, you can adjust your budget or even the loan you’re planning to get.
In our North Dakota mortgage calculator, you can plot state-specific numbers and come up with an estimate of your monthly rates. The flexibility of the options allows you to mix and match the numbers, rates and periods until you get the most favorable arrangement for you. The following are the 12 factors that you may need to compute mortgage costs in North Dakota:
Input the price of the house you’re planning to purchase or use the loan amount to get the computations you’re looking for right away.
In this box, you can put the amount in dollars or percentages. The down payment affects your loan amount and its monthly payments.
The mortgage, home and term affect interest rates. A conventional 30-year fixed-rate mortgage in North Dakota has an interest rate of 3.99%.
Choose the length of time you need to repay the loan. The drop-down list includes the usual lengths for mortgages.
Payments per Year:
This part reflects the annual payment of your loan. If you want to see your monthly payment instead, enter the number 12.
You can use the annual property tax in North Dakota, which is $2,138.
Homeowners associations (HOAs) often have fees. You can include these dues in the calculator by clicking “annually” or “monthly.”
Principal & Interest:
The principal is the amount of money you originally borrowed, and interest is the added charge from the lender.
Here, you can see the amount you need to pay per month. The amount includes all the factors that you enter into the calculator.
This is the portion of your monthly payment that pays off the original amount you borrow.
The interest payment decreases as you continue paying your loan. This payment applies to the interest charges of your loan.
Total Cost with Interest:
This is the sum of your principal and interest.
Your monthly mortgage payment can often be reduced to make way for other expenses. The following are tips to help you lower your mortgage rates:
- Consider a less expensive home. A cheaper house means a smaller loan since you’ll need to borrow less.
- Choose a different location. Prices vary from state to state. For instance, Iowa has an average monthly payment of $970, compared to North Dakota’s $1,052 average.
- Find a lower interest rate. Compare and analyze as many loans and companies as possible to find the lowest interest rate available.
- Pay a huge down payment. Paying a large amount of money on down payment reduces the amount you need to borrow.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
Finding a house that checks all the boxes on your home wish list is exciting. MoneyGeek wants to help you in your home buying journey by providing you with resources to make this process easier:
- Shop & Compare Rates - To find the best terms for you, it’s smart to research different mortgage lenders. MoneyGeek gathered mortgage rates in North Dakota to help you shop and compare.
- Not Ready to Buy? - If you’re deciding whether you should buy or rent a property in North Dakota, our guide can help you figure out what’s best for you.
- Learn More - You can explore other mortgages such as FHA loans, VA home loans and reverse mortgages.