North Carolina Mortgage Calculator
The median home price in North Carolina is $340,000. With a 20% down payment at the state's average 30-year fixed rate of 7.08%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $2,176. North Carolina's property tax rate of 0.8% annually is below the U.S. national average of 1.07%.
A buyer earning North Carolina's median household income of $67,000 would dedicate roughly 39% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$340,000
Avg 30-yr Rate
7.08%
Property Tax Rate
0.8%/yr
Est. Monthly PITI
$2,176
Mortgage Calculator
Total Monthly Payment
$2,175.93
Loan Amount
$272,000
Total Paid
$656,734
Total Interest
$384,734
How to Get a Mortgage in North Carolina
- 1 Check your credit score. In North Carolina, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $340,000 North Carolina home, 20% down is $68,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in North Carolina average 7.08%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $8,160–$13,600 on a median North Carolina purchase.
- 5 Budget for ongoing costs: North Carolina property taxes average 0.8%/yr ($2,720/yr on the median home), plus homeowner's insurance averaging $1.500/yr.
Monthly Cost Breakdown — Median North Carolina Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
North Carolina Mortgage FAQs
What is the average home price in North Carolina?
The median home price in North Carolina is $340,000 (2024 estimate). With a typical 20% down payment of $68,000, a buyer would finance $272,000 at a 30-year fixed rate.
What are property taxes like in North Carolina?
North Carolina has an average effective property tax rate of 0.8% of assessed home value. On a $340,000 home, that's approximately $2,720 per year ($227/month) — below the national average of 1.07%.
How much income do I need to buy a home in North Carolina?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced North Carolina home, you'd need to earn roughly $93,254 per year. The state's median household income is $67,000, meaning the typical household allocates about 39% of gross income to housing — significantly strained.
What is the average mortgage rate in North Carolina?
The average 30-year fixed mortgage rate in North Carolina is approximately 7.08% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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