North Carolina mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, includi...ng your principal and interest, taxes, insurance, and PMI in North Carolina. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

North Carolina housing market

North Carolina, the Tar Heel State, saw home values rise by 8.6% last year. North C...arolina is still relatively affordable at the 20th most affordable in the country, but it has increasingly become home to technology and other companies looking to diversify their workforce. Home to the Research Triangle and the Outer Banks, North Carolina is also the home to the University of North Carolina, where Michael Jordan launched his basketball career.

Your monthly payment
$1,599
30 year fixed loan term
Monthly payment
Principal & interest

$1,163

Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types

Total principal: $240,000

Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,061$1,487
Mortgage Rate4.125%2.722%*3.298%*
Total interest paid
$178,737
$52,589
$138,298
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,061$1,487
Mortgage Rate4.125%2.722%*3.298%*
Total interest paid
$178,737
$52,589
$138,298
Amortization

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Remaining
$240,000
Principal Paid
$0
Interest Paid
$0
Year 0
drag me
1
30
Years

Insights

We’ll share an interesting insight here for key milestones in your payoff schedule.

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See latest mortgage rates
Get personalized mortgage rates from San Francisco, CA.
Principal & interest

$1,163

North Carolina mortgage and refinance rates today (APR)

Loan typeAverage
rate
Change
1 day
Change
1 year
30-year fixed3.4%
0.094%
0.83%
15-year fixed2.735%
0.109%
1.015%
5/1 ARM3.115%
0.003%
1.575%

Today’s rate

3.4%
30-year fixed

Current rates in North Carolina are 3.4% for a 30-year fixed, 2.735% for a 15-year fixed, and 3.115% for a 5/1 adjustable-rate mortgage (ARM).

Find top real estate agents in North Carolina

Start building your winning home buying team! Our partner, HomeLight, analyzes millions of home sales to identify the best performing agent.

North Carolina's first-time home buyer programs

The North Carolina Housing Finance Agency has a program called North Carolina Home Advantage Program which offers affordable, fixed-rate loans with down payment assistance of up to 5% of the loan amount. For homeowners who stay in the home long enough, they don't have to pay back the down payment assistance.

NC Home Advantage Mortgage

State program

Best for

Down payment assistance

Closing cost assistance

What you need to know

All loans under the program are 30-year fixed-rate mortgages. The minimum credit score to buy a manufactured home is 660; it’s 640 for other types of homes. Low- to moderate-income home buyers can get down payment assistance with the NC Home Advantage Mortgage. It’s available to qualified buyers who...

See full article

North Carolina's best mortgage lenders

NerdWallet has done the work for you to pick the best financing partner for you in North Carolina.

See full article

Average property tax in North Carolina counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in North Carolina. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

CountyAvg. property tax rateAvg. home value
Alamance County0.8%$153,800
Alexander County0.68%$131,800
Alleghany County0.52%$136,000
Anson County0.78%$83,700
Ashe County0.48%$150,300
Avery County0.48%$138,800
Beaufort County0.73%$123,600
Bertie County0.69%$78,900
Bladen County0.88%$89,500
Brunswick County0.59%$214,300
Buncombe County0.71%$240,100
Burke County0.79%$125,100
Cabarrus County0.92%$208,000
Caldwell County0.75%$119,800
Camden County0.7%$222,500
Carteret County0.56%$204,500
Caswell County0.67%$104,700
Catawba County0.74%$143,200
Chatham County0.75%$277,400
Cherokee County0.54%$145,500
Chowan County0.81%$128,300
Clay County0.36%$154,600
Cleveland County0.78%$112,500
Columbus County0.96%$85,200
Craven County0.71%$159,600
Cumberland County1.07%$136,500
Currituck County0.5%$244,500
Dare County0.6%$285,000
Davidson County0.67%$140,000
Davie County0.74%$170,000
Duplin County0.79%$88,800
Durham County1.16%$227,200
Edgecombe County1.01%$84,000
Forsyth County0.97%$156,500
Franklin County0.87%$158,100
Gaston County1.01%$141,400
Gates County0.74%$142,500
Graham County0.49%$124,800
Granville County0.93%$146,100
Greene County0.94%$85,700
Guilford County1.05%$164,500
Halifax County1.04%$86,500
Harnett County0.85%$150,700
Haywood County0.6%$175,900
Henderson County0.61%$211,400
Hertford County1.02%$86,800
Hoke County0.83%$137,700
Hyde County0.74%$81,000
Iredell County0.66%$185,000
Jackson County0.42%$177,200
Johnston County0.85%$159,300
Jones County0.69%$92,700
Lee County1.03%$138,400
Lenoir County0.96%$93,500
Lincoln County0.74%$168,200
Macon County0.47%$162,000
Madison County0.61%$172,200
Martin County0.95%$83,100
McDowell County0.56%$110,400
Mecklenburg County1.03%$234,100
Mitchell County0.58%$140,600
Montgomery County0.68%$105,900
Moore County0.7%$233,800
Nash County0.84%$131,700
New Hanover County0.74%$242,600
Northampton County1.07%$81,900
Onslow County0.75%$158,600
Orange County1.25%$279,700
Pamlico County0.62%$150,600
Pasquotank County0.87%$158,900
Pender County0.75%$167,200
Perquimans County0.64%$165,500
Person County0.75%$118,500
Pitt County0.93%$150,800
Polk County0.59%$205,500
Randolph County0.8%$124,700
Richmond County0.84%$80,000
Robeson County0.88%$77,100
Rockingham County0.87%$118,800
Rowan County0.8%$130,000
Rutherford County0.72%$124,500
Sampson County0.91%$87,700
Scotland County1.14%$85,200
Stanly County0.8%$133,000
Stokes County0.71%$123,900
Surry County0.68%$125,300
Swain County0.32%$122,300
Transylvania County0.45%$202,100
Tyrrell County0.9%$113,100
Union County0.77%$232,300
Vance County0.91%$95,500
Wake County0.87%$276,000
Warren County0.72%$93,900
Washington County0.95%$86,000
Watauga County0.44%$240,700
Wayne County0.8%$117,600
Wilkes County0.76%$135,400
Wilson County1.02%$123,300
Yadkin County0.66%$127,300
Yancey County0.54%$139,800

Source: American Communities Survey 2016, U.S. Census

How do I calculate my mortgage payment?

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a refinancing calculator.

Under "Down payment," enter the amount of the down payment (if you're buying) or the amount of equity you have (if refinancing).

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may also enter your own figures for property taxes, homeowners insurance and homeowners association fees, if you don't wish to use NerdWallet's estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

What's the formula for calculating a mortgage payment?

The mortgage payment calculation looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal amount
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

How can a mortgage calculator help me?

Determining what your monthly house payment will be is an important part of answering the question "how much house can I afford?" That monthly payment is likely to be the biggest part of your cost of living.

Using this tool to calculate your mortgage payment can help you run scenarios as you buy a home or consider a refinance. It can help you decide:

  • How long of a home loan term is right for you? A 30-year fixed-rate mortgage will lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage can reduce the total interest you'll pay, but your monthly payment will be higher.
  • Is an ARM a good option? Adjustable-rate mortgages start with a "teaser" interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.
  • Are you buying too much home? The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.
  • Are you putting enough money down? With minimum down payments commonly as low as 3%, it's easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment may be for you.

What costs are included in a monthly mortgage payment?

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

  • Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
  • Interest: What the lender charges you to lend you the money. Interest rates are expressed as an annual percentage.
  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.
  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.
  • Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan.

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

Can I reduce my monthly payment?

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

  • Extend the term (the number of years it will take to pay off the loan). With a longer term, your payment will be lower but you’ll pay more interest over the years. Review your amortization schedule to see the impact of extending your loan.
  • Buy less house. Taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. With a down payment of 20% or more, you won’t have to pay private mortgage insurance. Similarly, keeping at least 20% equity in the home lets you avoid PMI when you refinance.
  • Get a lower interest rate. Making a larger down payment can not only let you avoid PMI, but reduce your interest rate, too. That means a lower monthly mortgage payment.

Can my monthly payment go up?

Yes, your monthly payment can go up over time:

  1. If property taxes or homeowners insurance premiums rise. These costs are included in most mortgage payments.
  2. If you incur a late payment fee from your mortgage loan servicer.
  3. If you have an adjustable-rate mortgage and the rate rises at the adjustment period.