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House hunting can be stressful, but online tools can smooth your path to a dream home. A North Carolina mortgage calculator estimates monthly payments, including principal, interest, and property taxes. You’ll type in the home price, down payment amount, loan term, interest rate, and tax rate to find out what costs would be, both monthly and over the long term. Play around with different combinations — a smaller down payment, say, or a shorter term — to see how they affect your costs. In no time, you’ll be making a more informed homebuying decision.
Key Points
• A North Carolina mortgage calculator provides a solid estimate of monthly mortgage payment costs.
• The calculator factors in your home price, down payment, interest rate, loan term, and property taxes.
• Buyers who put down less than 20% will also have to pay for private mortgage insurance as part of their monthly payment.
• Property taxes can fluctuate due to home value increases and local government assessments.
• Down payment assistance programs can help reduce upfront costs, making homeownership more accessible.
North Carolina Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront. Most buyers put down between 3% and 20%, with a 20% down payment eliminating the need for private mortgage insurance (PMI). A down payment calculator computes the percentage based on your dollar amount.
• Loan term: The loan term is the length of time you have to repay the home loan, which can be from 10 to 30 years. A longer term offers lower monthly payments but results in more interest paid over the life of the loan. Conversely, a shorter term has higher monthly payments but can save you interest.
• Interest rate: The interest rate is the cost of borrowing funds, expressed as a percentage of the total loan amount. It varies based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Local governments charge property tax based on your land and buildings within guidelines set by your state. You can find your property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: The monthly payment includes the loan’s principal and interest. This calculator also includes property taxes. Homeowners insurance and homeowners association fees may also be wrapped into monthly payments by some lenders.
• Total interest paid: Total interest paid is the entire amount of interest you will pay over the loan’s term. It is influenced by the loan amount, the interest rate you obtain, and the loan term you choose. A larger down payment, lower interest rate, and shorter loan term can reduce total interest paid.
• Total loan cost: Total loan cost is the all-inclusive amount you will pay for the loan, including the principal that you repay and the interest.
How to Use the North Carolina Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon amount you will pay the seller for the property. If you don’t have an accepted offer, use your best estimate.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you agree to pay upfront.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage, between 10 and 30 years.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point, such as 6.74%.
Step 5: Add Your Annual Property Tax Rate
Enter the percentage of your home’s value that you will pay each year in the form of property tax. Search by ZIP code or county name and “effective property tax rate” or use the North Carolina average of .62%.
Benefits of Using a Mortgage Payment Calculator
A North Carolina mortgage calculator helps prospective homebuyers estimate monthly payments and understand the financial implications of different mortgage scenarios. Some homebuyers will use it to assess how much house they can afford before beginning the house hunt. Particularly if you are buying your first home, it’s helpful to see how factors like home price, down payment amount, interest rate, and loan term come together to create monthly costs.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), there’s a calculator specifically for you: An FHA mortgage calculator takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford in North Carolina
In North Carolina, the median home sale price in mid-2025 is $390,500, though along the coastline there are far more expensive homes that would easily require a jumbo loan. Lenders advise a mortgage payment of no more than 28% of gross monthly income. To afford a $390,500 home with a 20% down payment (that’s $78,100), you would need to earn around $100,000. This assumes a 30-year mortgage, and a 7.00% interest rate. The monthly mortgage payment including property tax and insurance would be about $2,100. If you have other debts, such as student loans or a car payment, you would need to earn more.
If you want to work backward from your income to determine your ideal home budget, use a home affordability calculator, which also takes into account your recurring debt, such as a car payment. If you’ve tinkered with online calculators and studied the market and are inching closer to wanting to purchase a place, go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and the lender will tell you what size loan you might qualify for.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a north carolina to view current rates:
Components of a Mortgage Payment
A mortgage payment includes principal and interest. A North Carolina mortgage calculator estimates these and includes property tax (determined locally and often included in mortgage payments). If your down payment is under 20%, Private Mortgage Insurance (PMI) might be paid as part of your monthly payment, as well. Home insurance and homeowners association (HOA) fees are also sometimes included.
Cost of Living in North Carolina
North Carolina’s cost of living can vary depending on the area where you locate but on the whole, the state is one of the better places to put down roots. It has a cost of living of 97.8 on an index where the average cost of living in the U.S. equals 100.
The Tar Heel State is also home to some of the best affordable places in the U.S., including Greensboro, Southern Pines, and Kinston. Take a look at how some of the state’s major cities stack up on the cost-of-living index.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Once you buy a home, your mortgage payment could still change. Here are some steps borrowers can take to lower payments.
• Request that your lender cancel PMI once you have reached 20% equity.
• Recast your mortgage by making a lump sum payment toward the principal and requesting that the lender recompute the payments.
• Pursue a mortgage refinance if rates have dropped noticeably since you bought your home, or if your credit score has made a big improvement.
• Appeal high property taxes. Do so carefully, though — inviting a reassessment can sometimes result in a tax increase.
• If you are facing financial hardship, ask for a loan modification.
• Shop for cheaper homeowners insurance by raising your deductible or improving your home in ways that insurers reward, such as by doing a new roof or installing a security system.
Nevada First-Time Homebuyer Assistance Programs
If you’re buying your first home, down payment assistance programs can help you cover the initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. North Carolina programs for first-time homebuyers can provide financial aid to help with the down payment, closing costs, or both. These programs, mostly run by the North Carolina Housing Finance Agency, are designed to make homeownership more accessible and can significantly reduce your upfront financial burden.
A North Carolina mortgage calculator is a powerful tool for prospective homebuyers, offering a detailed breakdown of monthly payments, total interest, and total costs. By inputting the home price, down payment, loan term, interest rate, and property tax rate, you can estimate your financial obligations and determine if the home you’re yearning for is within your budget.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
How does my credit score affect my mortgage loan interest rate?
Your credit score is one of the chief things mortgage lenders will be looking at when determining whether you will qualify for a loan and, if so, at what interest rate. A higher score demonstrates your sound credit management skills and generally leads to better loan terms and lower rates, reducing the total cost of the loan. Conversely, a lower score may result in higher rates, making the mortgage more expensive.
How much should I put down on a mortgage?
The down payment can significantly impact your monthly mortgage payment and overall loan costs, so you should put down as much as you can without squeezing your budget tightly, bankrupting your emergency fund — and ideally without jeopardizing contributions to a retirement plan where you receive an employer match. If you put down less than 20% you will likely have to pay private mortgage insurance (PMI) with your monthly mortgage. Weigh the costs of that against other parts of your budget.
Can I afford a $300K house on a $70K salary?
It could be tough to afford a $300,000 property on a salary of $70,000 unless you can make a significant down payment or have income in addition to your salary. One general rule is that your house price should be no more than three times your salary. Use a home affordability calculator to assess if you can make a $300,000 home work.
How much is the payment on a $600,000, 30-year mortgage?
The monthly payment you’ll need for a $600,000 mortgage with a 30-year term will depend on your interest rate. At an interest rate of 6.00%, for example, you would pay $3,597.30. At 8.00%, the payment would rise to $4,402.59. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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