North Dakota Mortgage Calculator

In North Dakota, Grant County has the lowest median monthly mortgage payment at $570, while McKenzie County has the highest at $2,260. This disparity in monthly mortgage payments can influence your short-term budgeting and long-term financial health, impacting your ability to save and invest for the future.

Use MoneyGeek's mortgage calculator in North Dakota to help you estimate your monthly mortgage payment, determine which loan term better suits your financial situation and see how much interest you pay over your loan's lifetime. Input your purchase details into the calculator to see your financial commitment.

Mortgage Calculator

Simply estimate your North Dakota loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Get personalized mortgage rates from North Dakota.

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Key Takeaways

You can use the mortgage calculator in North Dakota to determine monthly mortgage payments, which vary by location. Grant County's median is $570, while McKenzie County's is $2,260 as of March 2024.

Using a mortgage calculator can help you find a monthly mortgage payment that fits your budget and estimate total interest over the loan's life.

The average APR for a 30-year mortgage in North Dakota is 6.4%, and for a 15-year mortgage, it is 5.9%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for North Dakota. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our North Dakota Mortgage Calculator

MoneyGeek's mortgage calculator in North Dakota can help you calculate your monthly mortgage payments and determine your mortgage's affordability. You'll also gain a clear understanding of your amortization schedule, ensuring a well-planned financial future.

Calculate Your Monthly Mortgage Payment

Your monthly mortgage payment is influenced by elements like the home's sale price and your down payment. Use North Dakota's mortgage calculator to navigate these factors and estimate your payments.

1
Home Price
The home price directly influences your monthly mortgage payment in North Dakota. A lower home price in Grant County, at a median of $96,810, means lower monthly payments than in McKenzie County, where the median is $387,490, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. North Dakota's median down payment is $25,275, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
Your Annual Percentage Rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in North Dakota change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.9%, and for a 30-year fixed mortgage, it's 6.4%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN NORTH DAKOTA

Using the North Dakota mortgage calculator, you can see that the monthly payment for a 30-year fixed-rate mortgage after a 20% down payment on a house priced at $275,000 is $1,376. This figure does not include additional costs like HOA fees and property tax.

Switching to a 15-year repayment term raises your monthly mortgage payment to $1,845, impacting your short-term budget. This home loan approach reduces long-term costs, saving you $163,369 in interest over the life of the loan.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll encounter, and your mortgage payments will take a substantial portion of your monthly income. Understanding your mortgage's affordability is vital for managing your finances. MoneyGeek's mortgage calculator for affordability can help you determine how much you can afford by inputting your monthly income and other monthly debts, such as car loans and student loans.

The calculator also shows your debt-to-income ratio, a crucial metric for borrowers. This ratio helps you understand how much of your income goes toward debt payments, which is essential when planning to secure a mortgage. According to Experian, the average debt in North Dakota is $91,074, which translates to an average monthly debt of $7,590.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. The key terms are:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan in North Dakota. You can also see when your monthly payments begin to go more toward your principal vs. your interest, helping you understand your payment allocation over time.

Additional Mortgage Fees in North Dakota

Homebuyers in North Dakota need to account for various mortgage fees that can impact your budget. For example, mortgage insurance and HOA fees could increase your monthly payment. Property taxes and homeowners insurance are other costs to keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in North Dakota is $1,828 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, North Dakota's effective property tax rate is 0.98%, ranking it 23rd in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance, and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in North Dakota?

The average APR for a 30-year fixed loan in North Dakota is 6.4%. For a 15-year fixed loan, it's 5.9%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month if they get a 30-year fixed-rate loan. The amount becomes $115 if they opt for a 15-year loan instead.

MoneyGeek's North Dakota mortgage calculator allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment and mortgage rate in North Dakota. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank, but know you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

Suppose you put in an 8% down payment for a home in North Dakota priced at $350,000. With an average APR of 6.4% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,014. You need 20% equity to cancel PMI, equivalent to $70,000.

Since your down payment was $28,000, you still need to pay $42,000 to accumulate 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI before the end of Year 10.

How to Lower Your Monthly Mortgage Payment in North Dakota

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in North Dakota at 6.4% interest, you'll pay $1,376 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,340. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,892 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Credit score affects your mortgage. In North Dakota, putting in a down payment between 5% to 20% of the home's sale price results in an average APR of 6.6% if your credit score is above 740. If your score is below 680, the APR increases to 7.8%. This change makes your monthly mortgage payments go from $1,405 to $1,584.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in North Dakota, putting 8% down makes your APR 7.1%, resulting in a monthly mortgage of $1,700. Increasing your down payment to 25% puts your APR at 6.8% and a monthly mortgage of $1,345.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in North Dakota has an APR of 5.9%. A 20% down payment makes your monthly mortgage payment $1,845. Compare this to $1,376, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.4%.

Explore homeownership assistance programs

You can find homeowners assistance programs in North Dakota that may help with your mortgage costs. Institutions like Apply for Help and the North Dakota Housing Finance Agency offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in North Dakota

Using a mortgage calculator can prompt questions for potential borrowers in North Dakota. We've addressed commonly asked questions to help you understand your mortgage options.

How much mortgage can I afford in North Dakota?

Your mortgage affordability in North Dakota depends on your debt-to-income ratio (DTI). Generally, lenders prefer a DTI ratio below 36%.

What is the average mortgage debt in North Dakota?

According to Experian, the average mortgage debt in North Dakota was $192,535 as of 2023.

How much down payment do I need to purchase a house in North Dakota?

The ideal down payment is 20%, but conventional loans may allow as low as 3%. FHA loans require 3.5%, while VA loans and USDA loans often require no down payment.

Do you really need private mortgage insurance in North Dakota?

If your down payment is less than 20%, you may need private mortgage insurance (PMI). In North Dakota, PMI costs approximately $115 per month for a 15-year mortgage and $117 per month for a 30-year mortgage.

What's the effective tax rate in North Dakota?

North Dakota's effective property tax rate is 0.98%, ranking 23rd nationally.

What is the median home price in North Dakota?

The median home price in North Dakota varies by county. Grant County has the lowest median home price at $96,810, while McKenzie County has the highest at $387,490.

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