North Carolina Mortgage Calculator
North Carolina mortgage and refinance loan payment calculator
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Our North Carolina mortgage calculator enables you to estimate your monthly mortgage payment, including the following:
- Principal and interest
- Taxes
- Insurance
- Private Mortgage Insurance (PMI)
Your monthly payment changes when updating the home price, down payment, interest rate, and loan term.
Housing affordability continues to fluctuate across North Carolina. The housing trends vary in the Old North State, with larger communities exhibiting higher home prices than smaller, more rural areas. Even within Charlotte, Raleigh, Greensboro, the market varies among neighborhoods. Each area will have a slightly different trend such as Mecklenburg County, Wake County and Guilford County.
We've included the conforming loan amounts and the estimated property tax rates for each county. This is important because mortgage interest rates are significantly different for home loans above the amounts listed. Please check with your loan officer, bank, lender to verify the conforming loan amounts in your county.
County
Property tax rate
Conforming limit
Alamance County
0.80%
$548,250
Alexander County
0.71%
$548,250
Alleghany County
0.60%
$548,250
Anson County
0.94%
$548,250
Ashe County
0.60%
$548,250
Avery County
0.45%
$548,250
Beaufort County
0.77%
$548,250
Bertie County
0.83%
$548,250
Bladen County
0.94%
$548,250
Brunswick County
0.63%
$548,250
Buncombe County
0.69%
$548,250
Burke County
0.81%
$548,250
Cabarrus County
0.90%
$548,250
Caldwell County
0.76%
$548,250
Camden County
0.66%
$625,000
Carteret County
0.55%
$548,250
Caswell County
0.72%
$548,250
Catawba County
0.72%
$548,250
Chatham County
0.75%
$548,250
Cherokee County
0.55%
$548,250
Chowan County
0.84%
$548,250
Clay County
0.47%
$548,250
Cleveland County
0.88%
$548,250
Columbus County
1.11%
$548,250
Craven County
0.75%
$548,250
Cumberland County
1.13%
$548,250
Currituck County
0.47%
$548,250
Dare County
0.62%
$548,250
Davidson County
0.74%
$548,250
Davie County
0.73%
$548,250
Duplin County
0.83%
$548,250
Durham County
1.18%
$548,250
Edgecombe County
1.25%
$548,250
Forsyth County
0.98%
$548,250
Franklin County
0.91%
$548,250
Gaston County
1.02%
$548,250
Gates County
0.74%
$548,250
Graham County
0.54%
$548,250
Granville County
0.92%
$548,250
Greene County
1.00%
$548,250
Guilford County
1.09%
$548,250
Halifax County
1.12%
$548,250
Harnett County
0.88%
$548,250
Haywood County
0.71%
$548,250
Henderson County
0.60%
$548,250
Hertford County
1.01%
$548,250
Hoke County
0.86%
$548,250
Hyde County
0.79%
$548,250
Iredell County
0.72%
$548,250
Jackson County
0.44%
$548,250
Johnston County
0.87%
$548,250
Jones County
0.82%
$548,250
Lee County
1.04%
$548,250
Lenoir County
1.09%
$548,250
Lincoln County
0.78%
$548,250
Macon County
0.46%
$548,250
Madison County
0.66%
$548,250
Martin County
1.14%
$548,250
McDowell County
0.57%
$548,250
Mecklenburg County
1.05%
$548,250
Mitchell County
0.59%
$548,250
Montgomery County
0.79%
$548,250
Moore County
0.63%
$548,250
Nash County
0.92%
$548,250
New Hanover County
0.71%
$548,250
Northampton County
1.19%
$548,250
Onslow County
0.77%
$548,250
Orange County
1.19%
$548,250
Pamlico County
0.68%
$548,250
Pasquotank County
0.85%
$548,250
Pender County
0.77%
$548,250
Perquimans County
0.72%
$548,250
Person County
0.81%
$548,250
Pitt County
0.94%
$548,250
Polk County
0.60%
$548,250
Randolph County
0.87%
$548,250
Richmond County
1.03%
$548,250
Robeson County
1.00%
$548,250
Rockingham County
0.94%
$548,250
Rowan County
0.87%
$548,250
Rutherford County
0.72%
$548,250
Sampson County
0.95%
$548,250
Scotland County
1.18%
$548,250
Stanly County
0.83%
$548,250
Stokes County
0.76%
$548,250
Surry County
0.74%
$548,250
Swain County
0.47%
$548,250
Transylvania County
0.54%
$548,250
Tyrrell County
0.83%
$548,250
Union County
0.82%
$548,250
Vance County
0.95%
$548,250
Wake County
0.88%
$548,250
Warren County
0.92%
$548,250
Washington County
1.02%
$548,250
Watauga County
0.43%
$548,250
Wayne County
0.85%
$548,250
Wilkes County
0.73%
$548,250
Wilson County
1.08%
$548,250
Yadkin County
0.87%
$548,250
Yancey County
0.59%
$548,250
County
Tax Rate
Limit
Alamance County
0.80%
$548,250
Alexander County
0.71%
$548,250
Alleghany County
0.60%
$548,250
Anson County
0.94%
$548,250
Ashe County
0.60%
$548,250
Avery County
0.45%
$548,250
Beaufort County
0.77%
$548,250
Bertie County
0.83%
$548,250
Bladen County
0.94%
$548,250
Brunswick County
0.63%
$548,250
Buncombe County
0.69%
$548,250
Burke County
0.81%
$548,250
Cabarrus County
0.90%
$548,250
Caldwell County
0.76%
$548,250
Camden County
0.66%
$625,000
Carteret County
0.55%
$548,250
Caswell County
0.72%
$548,250
Catawba County
0.72%
$548,250
Chatham County
0.75%
$548,250
Cherokee County
0.55%
$548,250
Chowan County
0.84%
$548,250
Clay County
0.47%
$548,250
Cleveland County
0.88%
$548,250
Columbus County
1.11%
$548,250
Craven County
0.75%
$548,250
Cumberland County
1.13%
$548,250
Currituck County
0.47%
$548,250
Dare County
0.62%
$548,250
Davidson County
0.74%
$548,250
Davie County
0.73%
$548,250
Duplin County
0.83%
$548,250
Durham County
1.18%
$548,250
Edgecombe County
1.25%
$548,250
Forsyth County
0.98%
$548,250
Franklin County
0.91%
$548,250
Gaston County
1.02%
$548,250
Gates County
0.74%
$548,250
Graham County
0.54%
$548,250
Granville County
0.92%
$548,250
Greene County
1.00%
$548,250
Guilford County
1.09%
$548,250
Halifax County
1.12%
$548,250
Harnett County
0.88%
$548,250
Haywood County
0.71%
$548,250
Henderson County
0.60%
$548,250
Hertford County
1.01%
$548,250
Hoke County
0.86%
$548,250
Hyde County
0.79%
$548,250
Iredell County
0.72%
$548,250
Jackson County
0.44%
$548,250
Johnston County
0.87%
$548,250
Jones County
0.82%
$548,250
Lee County
1.04%
$548,250
Lenoir County
1.09%
$548,250
Lincoln County
0.78%
$548,250
Macon County
0.46%
$548,250
Madison County
0.66%
$548,250
Martin County
1.14%
$548,250
McDowell County
0.57%
$548,250
Mecklenburg County
1.05%
$548,250
Mitchell County
0.59%
$548,250
Montgomery County
0.79%
$548,250
Moore County
0.63%
$548,250
Nash County
0.92%
$548,250
New Hanover County
0.71%
$548,250
Northampton County
1.19%
$548,250
Onslow County
0.77%
$548,250
Orange County
1.19%
$548,250
Pamlico County
0.68%
$548,250
Pasquotank County
0.85%
$548,250
Pender County
0.77%
$548,250
Perquimans County
0.72%
$548,250
Person County
0.81%
$548,250
Pitt County
0.94%
$548,250
Polk County
0.60%
$548,250
Randolph County
0.87%
$548,250
Richmond County
1.03%
$548,250
Robeson County
1.00%
$548,250
Rockingham County
0.94%
$548,250
Rowan County
0.87%
$548,250
Rutherford County
0.72%
$548,250
Sampson County
0.95%
$548,250
Scotland County
1.18%
$548,250
Stanly County
0.83%
$548,250
Stokes County
0.76%
$548,250
Surry County
0.74%
$548,250
Swain County
0.47%
$548,250
Transylvania County
0.54%
$548,250
Tyrrell County
0.83%
$548,250
Union County
0.82%
$548,250
Vance County
0.95%
$548,250
Wake County
0.88%
$548,250
Warren County
0.92%
$548,250
Washington County
1.02%
$548,250
Watauga County
0.43%
$548,250
Wayne County
0.85%
$548,250
Wilkes County
0.73%
$548,250
Wilson County
1.08%
$548,250
Yadkin County
0.87%
$548,250
Yancey County
0.59%
$548,250
Start the mortgage process today in North Carolina
Start the process for either a purchase or refinance mortgage today and have a licensed loan officer in North Carolina contact you for a custom quote.
In North Carolina how do banks and lenders calculate what mortgage payment I can afford?
In North Carolina the general rule of thumb for determining the mortgage amount a borrower can manage is 2 – 2.5 times your monthly GROSS income. For example, someone earning $100k annual can afford a $200k – $250k mortgage. However, this is only a general guideline and there is more to the process. In addition to your gross income, lenders take into consideration two ratios: the “front-end ratio” and the “back-end ratio.” The front-end ratio is your mortgage-to-income ratio, representing the (monthly) amount of your income which you can dedicate to paying your mortgage. The ideal ratio is under 30%–although some lenders will allow you to exceed 40%. The back-end ratio is your debt-to-income (DTI) ratio, or the amount of gross income you must cover your debts (loans for cars, education, and credit cards, for example). Most lenders want to see that number no more than 36% (36% of your income goes to paying debts). Although there are other factors in determining your overall financial “health,” these best represent your ability to pay the mortgage.
In North Carolina what are other costs that can increase my mortgage payment?
In North Carolina the mortgage payment includes multiple factors, each which can increase (or decrease) the actual mortgage payment. Other than then actual cost of the home, you need to include the following variables:
- Down Payment (the amount of money you pay up front, not borrowed from the lender)
- Interest Expenses (the interest rate, the length of the loan and type—whether a fixed or adjustable interest rate)
- Property Taxes (these vary with the community you are moving into)
- Insurance (homeowner’s insurance rates will depend on your coverage and can fluctuate)
- PMI (some lenders require insurance to protect them should you default on the loan)
- HOA Fees (Some residential communities (especially condominiums and other PUDs) have maintenance fees for shared facilities and amenities offered in the development
In North Carolina how do I calculate my mortgage payment?
When considering a new home purchase or whether to refinance your current mortgage, the best place to start is by estimating your monthly payment. You can utilize our free North Carolina calculator to get a quick estimate. However, you will need a few numbers available:
Mortgage principal (how much you want to borrow—not necessarily the cost of the property).
Monthly interest rate (the fee you pay the bank to borrow money: check out current mortgage rates). This is usually reflected as an APR (annual percentage rate) and is translated to a monthly rate by dividing the rate by 12 (months).
Number of payments (how long do you want to pay on the mortgage). This is easy with a fixed mortgage, but not with an ARM, where the rate will change on a regular basis.
Property taxes (usually the cost of taxes is added to the mortgage payment & added to an escrow account, where the taxes are paid on your behalf at the end of the year).
Homeowner’s Insurance (since type and coverage vary widely, it is best to contact an agent to get some estimates).
PMI, if required (most lenders require this additional insurance when you put down less than 20% of the purchase price of the property).
Lock your mortgage rate today in North Carolina
With a wide variety of financing options, our team of experts can help you find and lock in the best current rate for purchasing your home or refinancing your existing mortgage. Contact us to get started with a North Carolina mortgage loan today!
Calculator questions?
In North Carolina what is the formula for calculating mortgage payments?
Whether you are a math nerd who aspires to do the math by hand or simply want to understand how North Carolina mortgage payments are calculated, the formula looks like this:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Key:
- M = monthly mortgage payment
- P = principal amount
- I = monthly interest rate (usually listed as an annual percentage rate)
- N = number of payments over the life of the loan (360 payments for 30 years, etc)
In North Carolina how do I calculate interest with my mortgage payment?
In North Carolina if you are obtaining a fixed mortgage, whether it be 30, 15, or even 5 years, you are probably curious to see how much you are paying in interest. One thing to remember is that in the U.S., interest is paid in arrears. So, your monthly payment includes interest for the 30 days BEFORE your due date. Since fixed mortgages are fully amortized installment loans, the amortization schedule shows how the split between principal and interest changes over time. In the early years of the mortgage term, most of your payment will go towards interest. However, as you pay down the principal, less interest will accrue and more of your payment is applied to the principal.
In North Carolina what mortgage products will help keep my mortgage payments down?
In North Carolina the longer you finance your home for, the lower your monthly payments will be. Conversely, a shorter (or adjustable rate) term usually equates to a lower interest rate. Its important to run the numbers on multiple scenarios to find out what works best for you.
If you already have a mortgage and are looking for an opportunity to lower your current monthly payments, consider the following:
- Refinance at a lower rate
- Refinance to a longer term
- Eliminate mortgage insurance
- Apply for mortgage forbearance or loan modification (in case of financial hardship)
In North Carolina what is an amortization schedule calculator?
In North Carolina an Amortization Schedule calculator provides a schedule of how much is paid for each portion of the mortgage payment over time. A mortgage calculator allows you to plug in the mortgage amount, term (number of payments) and the APR (interest rate per year) and determine the total you will pay in principal and interest over the life of the loan.
