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When you’re considering purchasing a home in North Dakota, understanding your potential mortgage payments is a big first step. A North Dakota mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions. Try plugging in different purchase prices, down payment amounts, and loan figures to find out how each affects your budget before you commit.
Key Points
• The North Dakota mortgage calculator helps you estimate your monthly mortgage payments.
• Lenders prefer that monthly mortgage payments total no more than 28% of a homebuyer’s gross monthly income.
• Loan terms are typically 10 to 30 years and help govern overall costs.
• First-time homebuyer programs can help new buyers afford a down payment or closing costs.
• Tips for reducing mortgage payments after you own a home include dropping private mortgage insurance, refinancing, or appealing property taxes.
North Dakota Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you’ve negotiated with the seller. This price may differ from the initial listing price and your first offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price. Buyers put down anywhere from 3% to 20%. Down payment assistance programs help some buyers pull together the necessary funds.
• Loan term: The loan term is the length of time you have to repay the home loan. Common terms are 15 or 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and loan type.
• Annual property tax: Property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property taxes. Our calculator does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees, which may also be rolled into your monthly payment.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the North Dakota Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage payments. A larger down payment can reduce your monthly payments and eliminate the need for private mortgage insurance (PMI).
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Common terms include 30 years and 15 years. A 30-year mortgage offers lower monthly payments than a 15-year mortgage at the same rate, but results in more interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point, such as 6.75%. This rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.
Step 5: Add Your Annual Property Tax
Enter the home’s property tax rate as a percentage. You can use the average effective tax rate for North Dakota, which is .99%, or look up the specific rate for the property by searching its ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A North Dakota mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and term. Use this tool to compare costs, like how interest rates affect payments. Check out different loan terms to see their impact on expenses and total interest. The calculator can also help you see how your down payment figures in.
Deciding How Much House You Can Afford in North Dakota
In North Dakota, the median home sale price in mid-2025 was $350,000 — well below the national median of around $443,000, according to Redfin. The 28/36 rule suggests that your maximum mortgage payment be under 28% of your gross income. You’d need to earn at least $80,000 in annual income if you were looking to afford a $350,000 home, factoring in a 20% down payment ($70,000), a 30-year mortgage at 7.00%, and an average North Dakota annual property tax rate at 0.99%.
Under these guidelines, your other monthly debts shouldn’t exceed 36% of your gross income, or $535 in this scenario. Use an affordability calculator to estimate how much home you can afford based on your income and other factors. Going through the mortgage preapproval process with a lender can also help you estimate what loan size and type of loan you can afford.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The primary components that a mortgage payment pays for are the principal that the homebuyer borrowed and the interest the lender charges on that principal. Our North Dakota mortgage calculator also factors in property tax, which is often included as part of your total monthly payment to the lender. Your monthly payment is also likely to cover homeowners insurance costs and may also include private mortgage insurance (PMI) or HOA fees, depending on your loan specifics.
If you’re considering an FHA loan — one that’s guaranteed by the Federal Housing Administration (FHA) — you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in North Dakota
The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Fargo, would go further than a dollar spent in a major city like New York or Los Angeles. Higher cost of living areas typically have higher average home prices, utilities, home maintenance, transportation, and other necessities. You can refer to the cost of living index (COLI) to figure out how much money it takes for you to maintain a basic standard of living in a given place. For example, a COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
With a 2024 COLI of 91.4, North Dakota has a similar cost of living with nearby states like South Dakota (91.9) and Minnesota (94.6), according to the Council for Community and Economic Research’s Cost of Living Index. The chart below shows 2024 COLI figures for metropolitan areas in North Dakota and the Minnesota border:
North Dakota Cities’ Cost-of-Living Stats
Bismarck-Mandan
90.9
Fargo, ND/Moorhead, MN
97.3
Grand Forks
90.1
Minot
89.4
Source: Council for Community and Economic Research’s Cost of Living Index.
As you launch into your home-buying journey, consider cities like Grafton, Jamestown and Valley City, which all landed on our best affordable places in the U.S. list. Use a home affordability calculator to go further in your planning by factoring in your income, debts, and local property costs. This tool can help you ensure your home purchase aligns with your financial goals and constraints.
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
If you are a homebuyer in North Dakota, you are probably looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to decrease your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, go to your local board of equalization and ask about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.
North Dakota First-Time Homebuyer Assistance Programs
If you’re buying your first home, there’s help available to guide you through the process. Often you can qualify as a first-time homebuyer even if you have owned a primary residence before, as long as it has not been within the past three years.
In North Dakota, there are a variety of first-time homebuyer assistance programs that provide financial aid to help cover the initial costs of purchasing a home, such as the down payment, closing costs, or both, which can be substantial. These programs can make homeownership more accessible. Check with the North Dakota Housing Finance Agency for more information.
If you are purchasing a pricey property, consider something called a jumbo loan. This type of mortgage loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
A North Dakota mortgage calculator estimates your monthly payments and total home costs. It can be useful for anyone considering a home loan, especially first-time homebuyers. The tool helps you understand the impact of different down payment amounts and explore various loan scenarios. By using the calculator, you can better prepare for the financial commitment of homeownership.
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 significantly affects your mortgage loan interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements.
How much should my down payment be on a mortgage?
You should put down an amount you feel comfortable with, taking into account your financial situation. A 20% down payment can help avoid private mortgage insurance (PMI) and could reduce monthly payments and overall loan cost. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while a repeat buyer may be able to contribute just 5%. To determine how much your down payment should be, review your financial picture and figure out what makes sense for you.
Should I choose a 30-year or 15-year mortgage term?
When choosing a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How much is the payment on a $350,000, 30-year mortgage?
The cost of a $350,000 mortgage with a 30-year term will depend on your interest rate and down payment. For instance, at an interest rate of 6.00%, and with a down payment of 20% ($70,000), your monthly payment would be $1,679. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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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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