North Carolina mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, 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
30 year fixed loan term
Monthly payment
Principal & interest


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$2,141$1,561
Mortgage Rate4.125%3.41%*3.85%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,141$1,561
Mortgage Rate4.125%3.41%*3.85%*
Total interest paid

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

At year 0

30 year fixed loan term

Principal Paid
Interest Paid
Year 0
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We’ll share an interesting insight here for key milestones in your payoff schedule.

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Principal & interest


North Carolina mortgage and refinance rates today (APR)

Loan typeAverage
1 day
1 year
30-year fixed3.618%
15-year fixed3.142%
5/1 ARM3.514%

Today’s rate

30-year fixed

Current rates in North Carolina are 3.618% for a 30-year fixed, 3.142% for a 15-year fixed, and 3.514% for a 5/1 adjustable-rate mortgage (ARM).

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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...

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North Carolina's best mortgage lenders

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

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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

What’s included in a mortgage loan calculator?

A mortgage calculator used to look kind of like your grandfather’s cell phone. A bunch of buttons, a little screen and a lot of punching in numbers to get a result. The NerdWallet home mortgage calculator is different. It can calculate your monthly mortgage payment in no time.

Any good home mortgage calculator can do that. Even that big calculator stuffed in your grandpa’s shirt pocket. But an excellent mortgage payment calculator can do more. That’s why the NerdWallet monthly mortgage payment calculator also takes into account the additional costs — like taxes and insurance — that are included in your monthly payment. It’s called a PITI mortgage calculator, for principal, interest, taxes and insurance. We can also include HOA dues and PMI — private mortgage insurance — in your monthly payment calculation.

A lot of folks forget to include all those costs and are frankly a bit surprised when their monthly mortgage payment turns out to be a lot more than they counted on. The formula working behind the curtain of the NerdWallet mortgage calculator takes that bit of uncertainty out of the picture.

How to calculate your mortgage payment

For the paper and pencil mathletes out there, 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 to use a mortgage payment calculator

Determining what your monthly house payment will be is an important part of the “how much house can I afford?” decision. That monthly payment is likely to be the biggest part of your living overhead.

Using this tool to calculate your mortgage payment can help you run various scenarios in your decision process for buying a home. You may consider:

  • 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. Regardless of which term you choose, fixed-rate mortgages have interest rates that are locked in for the life of the loan.
  • 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 or so. You’ll want to be aware of how much your monthly mortgage payment can change, especially if interest rates are trending higher.
  • If you’re buying too much home. The NerdWallet mortgage payment calculator can help you take a reality check on just how much home you can afford, especially when considering your all-in costs, including taxes, insurance and PMI.
  • Are you putting enough money down? With minimum down payments commonly as low as 3% these days, 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 for you may be.

What are the monthly costs built into a monthly mortgage payment?

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But that’s rarely the case these days. There are a lot of costs that can be built into a monthly mortgage payment. Here are the five key components in play when you calculate mortgage payments:

  • Principal: Typically, this would be the home’s purchase price, less any down payment It’s the amount you borrow. If you’re buying a $500,000 home and put down $100,000, the principal would be $400,000.
  • Interest: What the lender charges you to loan 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.
  • 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.
  • Homeowners association (HOA) fee: This is paid by homeowners to an organization that assists with upkeep, property improvements and shared amenities.

Can I lower my monthly payment?

This is where a mortgage calculator can really bring some clarity to the home buying process: by helping you to work different payment scenarios.

Here are ways you can lower your monthly payment:

  • Extend the number of years for the loan. It’s called the loan term, something we mentioned above. As we said, your payment will be lower but you’ll be paying a lot more interest over the added years. Review your amortization schedule to see the impact of extending your loan.
  • Buy less house. Obviously, taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. By putting down 20% or more, you won’t have to pay private mortgage insurance. That can be another option to consider as you run “what ifs” in the mortgage calculator tool. However, if you’re looking at FHA loans, mortgage insurance can last for the entire length of the loan.
  • Get a better interest rate. Putting more money down not only can eliminate PMI, but lower your interest rate, too. That means a lower monthly mortgage payment. Shopping at least three lenders can also increase your odds of getting a better mortgage interest rate.

Can my monthly payment go up?

Now, you’ve calculated your monthly mortgage payment and you’ve got a number you’re happy with. What could make your payment go up from there:

  1. If you have an adjustable-rate mortgage, as we mentioned above.
  2. If costs included in your mortgage payment, such as property taxes or homeowners insurance premiums, go up. And they will, eventually.
  3. If your mortgage loan servicer charges a late payment fee.