Typical North Carolina mortgage payment
The median home price in North Carolina is roughly $330,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,610 | $1,772 |
| 5.50% | $2,696 | $1,874 |
| 6.00% | $2,785 | $1,979 |
| 6.50% | $2,875 | $2,086 |
| 7.00% | $2,966 | $2,195 |
| 7.50% | $3,059 | $2,307 |
| 8.00% | $3,154 | $2,421 |
| 8.50% | $3,250 | $2,537 |
| 9.00% | $3,347 | $2,655 |
| 9.50% | $3,446 | $2,775 |
| 10.00% | $3,546 | $2,896 |
What a North Carolina mortgage really costs (PITI)
Principal & interest alone would run about $2,086/month at 6.50% over 30 years. But North Carolina's property tax - roughly 0.84% of home value per year here - adds about $231/month, and estimated homeowners insurance adds around $96/month. Your real total monthly payment (PITI) on a $330,000 North Carolina home is closer to $2,413/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $103,417/year. A 20% down payment here is $66,000.
North Carolina vs. its neighbors
Of North Carolina and its neighbors, South Carolina has the lowest estimated total monthly payment - about $287 less per month than North Carolina.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| South Carolina | $300,000 | 0.57% | $2,126/mo |
| Tennessee | $320,000 | 0.71% | $2,305/mo |
| Georgia | $330,000 | 0.92% | $2,435/mo |
| North Carolina (this page) | $330,000 | 0.84% | $2,413/mo |
| Virginia | $400,000 | 0.82% | $2,918/mo |
What affects your North Carolina payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.