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Mortgage Calculator /With Taxes and PMI /North Carolina

North Carolina Mortgage Calculator

Set to North Carolina’s own property tax rate of 0.61% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($66,600)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$1,964
Monthly payment
$1,698
Principal & interest
$169
Taxes
$97
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $266,400 Interest paid $344,833
20262056
Total of 360 payments$707,113
Principal$266,400
Interest$344,833
Taxes$60,930
Insurance$34,950
HOA fees$0
P&I 86.4% Taxes 8.6% Insurance 4.9%
15- vs 30-year term at 6.58%
15-year
$2,332/mo P&I
$153,425 total interest
30-year · current
$1,698/mo P&I
$344,833 total interest
The 15-year term saves $191,408 in interest. Which term is right for you?

What these numbers come from

Median home value
$333,000
Median tax bill
$2,044
Effective tax rate
0.61%
Rank of 51
37th highest

North Carolina taxes property at about 0.61% of value against 0.89% nationally. On a $333,000 home that is $78 a month less than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across North Carolina home prices

20% down, 30-year fixed at 6.58%, with North Carolina property tax of 0.61% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$200,000 $160,000 $1,020 $102 $1,180
$266,000 $212,800 $1,356 $135 $1,569
$333,000 median $266,400 $1,698 $169 $1,964
$416,000 $332,800 $2,121 $211 $2,454
$500,000 $400,000 $2,549 $254 $2,949

The gap between the P&I column and the last one is what a mortgage quote leaves out. In North Carolina taxes alone add $169 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $237 $1,461 $266 $266,163
Sep $238 $1,459 $266 $265,924
Oct $240 $1,458 $266 $265,685
Nov $241 $1,457 $266 $265,444
Dec $242 $1,456 $266 $265,201
2026 $1,199 $7,291 $1,332 $265,201
Jan $244 $1,454 $266 $264,958
Feb $245 $1,453 $266 $264,713
Mar $246 $1,452 $266 $264,466
Apr $248 $1,450 $266 $264,219
May $249 $1,449 $266 $263,970
Jun $250 $1,447 $266 $263,719

Refinancing in North Carolina

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

North Carolina home loans in detail

North Carolina Mortgage Overview

North Carolina falls in the middle of the states for size, yet is the 9th most populated state. It has 10.4 million residents. It could be due to the low cost of living with the average home price around $380,000.

If you want to surround yourself with the beauty of North Carolina, here are your top loan options.

North Carolina conventional loans

Borrowers with good credit may secure a conventional loan. You need at least a 660+ credit score and a max 36 percent debt ratio. If you've never owned a home a 3 percent down payment is enough. If you've owned a home, you'll need 5 percent down. Any down payment lower than 20 percent requires Private Mortgage Insurance. You can cancel it when you owe less than 80 percent of the home's current value.

North Carolina FHA loans

If you have a lower credit score, try the FHA loan. You need just a 580 credit score and a 3.5 percent down payment. FHA loans have high debt to income ratio allowances of 45

  • 50 percent. You can use gift funds for FHA down payments but may have to contribute some of your own money if you have a 500 - 579 credit score. Lenders require a 10 percent down payment and 3.5 percent of the funds must be yours.

North Carolina VA loans

Veterans can get 100 percent financing from a North Carolina VA lender. You'll need a 620 credit score and to prove you can afford the new mortgage plus your existing debts and the cost of living. VA loans don't require money down. They also don't charge mortgage insurance. Veterans pay an upfront funding fee, but it's low.

North Carolina USDA loans

If rural living is on your agenda and your household income is less than 115 percent of the area's median income, a USDA loan may be a good option. You'll need a 640+ credit score and a max 41 percent debt ratio. You won't need a down payment. USDA loans require mortgage insurance for the loan term, but they are affordable.

First-Time Homebuyer

Programs in North Carolina

NC Home Advantage Mortgage

This fixed rate mortgage with up to 5 percent in down payment assistance. You must have an annual income of less than $89,500 and a 640 or higher credit score. You only have to repay the down payment assistance if you sell the home or refinance the mortgage.

NC Home Advantage Down Payment Assistance

Eligible borrowers may receive up to $8,000 in down payment assistance.

NC Home Advantage Tax Credit

First-time homebuyers may get a tax credit of up to $2,000 per year on the mortgage interest paid. This decreases your taxable income, leaving more money in your pocket, making homeownership more affordable.

North Carolina mortgage FAQ

How much is property tax on a home in North Carolina?
North Carolina homeowners pay an effective property tax rate of about 0.61 percent of home value — the 37th highest of the 50 states and DC. On the state's median home value of $333,000 that works out to roughly $2,031 a year, or $169 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced North Carolina home?
At $333,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,698 a month. Adding North Carolina property tax of roughly $169 a month and an estimated $97 of homeowner insurance brings the full payment to around $1,964.
What types of mortgages are available in North Carolina?
North Carolina buyers can pick conventional loans with a 660 or higher credit score, a 36 percent debt ratio, and 3 percent down for first-time buyers or 5 percent for repeat buyers. FHA loans take a 580 score with 3.5 percent down. VA loans offer veterans 100 percent financing with a 620 score, and USDA loans finance rural homes with no down payment at a 640 or higher score.
What programs does North Carolina have for first-time homebuyers?
The NC Home Advantage Mortgage is a fixed-rate loan with up to 5 percent in down payment assistance for buyers with a 640 or higher credit score, repaid only if you sell or refinance. Eligible buyers can also receive additional help through NC Home Advantage Down Payment Assistance, and the NC Home Advantage Tax Credit gives first-time buyers an annual tax credit on mortgage interest paid.
What credit score do North Carolina lenders look for?
Conventional lenders in North Carolina generally want a 660 or higher score. FHA loans work with a 580 score at 3.5 percent down, or 500 to 579 with 10 percent down. VA loans require around 620, USDA loans require 640 or higher, and the NC Home Advantage Mortgage also sets its minimum at 640.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.