North Dakota Mortgage Calculator: Estimate Your Monthly Payment

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Updated: January 18, 2024

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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.


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:

Home Price:

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.

Down Payment:

In this box, you can put the amount in dollars or percentages. The down payment affects your loan amount and its monthly payments.

Interest Rate:

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%.

Loan Terms:

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.

Property Tax:

You can use the annual property tax in North Dakota, which is $2,138.

HOA Fees:

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.

Monthly Payment:

Here, you can see the amount you need to pay per month. The amount includes all the factors that you enter into the calculator.

Principal Payment:

This is the portion of your monthly payment that pays off the original amount you borrow.

Interest Payment:

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.

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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:

  1. 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.
  2. 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.
  3. Learn More - You can explore other mortgages such as FHA loans, VA home loans and reverse mortgages.

Frequently Asked Questions About Mortgages in North Dakota

How much mortgage can I afford in North Dakota?
What is the average mortgage in North Dakota?
Do I have enough cash for a down payment for a mortgage in North Dakota?
Do you really need private mortgage insurance in North Dakota?
What are the average annual property taxes in North Dakota?
What is the average monthly mortgage payment in North Dakota?
What is the median home price in North Dakota?