North Carolina Mortgage Calculator
Calculate your North Carolina mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Charlotte, Raleigh, Greensboro, Durham, Winston-Salem, and all of North Carolina.
Useful for home buyers in Charlotte, Raleigh, Greensboro, Durham, Winston-Salem, and all of North Carolina.
Why use a North Carolina Mortgage Calculator?
North Carolina has a property tax rate of around 0.84% and a modest transfer tax of 0.2%. This calculator estimates your payment, PMI, property tax, and closing costs for North Carolina properties.
North Carolina has a property tax rate of around 0.84% and a modest transfer tax of 0.2%. This calculator estimates your payment, PMI, property tax, and closing costs for North Carolina properties.
Result
Enter your details to see the estimated payment here.
Related Calculators
North Carolina Property Tax: The average effective property tax rate is about 0.84%. North Carolina also has a Deed Stamp Tax of 0.2% ($1 per $500).
Average Home Prices in Major North Carolina Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Charlotte | $450,000 | $380,000 | $350,000 | $320,000 |
| Raleigh | $470,000 | $400,000 | $370,000 | $330,000 |
| Greensboro | $350,000 | $300,000 | $280,000 | $250,000 |
| Durham | $420,000 | $370,000 | $340,000 | $300,000 |
| Winston-Salem | $330,000 | $290,000 | $260,000 | $230,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in North Carolina
- Property Tax: North Carolina's average effective property tax rate is about 0.84%, below the national average. Property taxes are billed annually and may be included in your monthly payment.
- Deed Stamp Tax: North Carolina charges a stamp tax of $1 for every $500 of property value (0.2%).
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: North Carolina's closing costs include attorney fees, title insurance, and other expenses, typically 2-5% of the purchase price.
Example: On a $400,000 home with 10% down in Charlotte, you pay PMI and property tax. Annual property tax would be approximately $3,360, and the deed stamp tax would be $800.
Frequently Asked Questions
North Carolina imposes an Excise Tax (commonly called the Deed Stamp Tax) on real estate transfers at a rate of $1 for every $500 of property value, which equals 0.2%. For example, on a $400,000 home purchase, the tax would be $800. This tax is typically paid by the seller but can be negotiated as part of the purchase agreement. The tax must be paid before the deed can be recorded with the county register of deeds. Certain transfers may be exempt, such as gifts between family members or transfers between spouses during divorce proceedings.
Yes, North Carolina is an "attorney state" for real estate transactions, meaning that a licensed attorney must supervise the closing process and prepare key legal documents. Unlike some states where title companies can handle closings, North Carolina law requires attorney involvement to conduct title searches, prepare deeds, and oversee the transaction. This legal requirement adds to closing costs but provides additional legal protection for both buyers and sellers. Attorney fees typically range from $800 to $1,500 depending on the complexity of the transaction and the property location.
North Carolina offers several programs to assist homebuyers:
- NC Home Advantage Mortgage: Offers competitive interest rates and down payment assistance up to 5% of the loan amount for first-time and move-up buyers.
- NC 1st Home Advantage Down Payment: Provides $8,000 in down payment assistance for first-time buyers and military veterans.
- NC Home Advantage Tax Credit: A Mortgage Credit Certificate (MCC) program that provides a tax credit of up to $2,000 per year for qualified first-time buyers.
- Community Partners Loan Pool: Offers up to 20% of the purchase price (maximum $30,000) as a 0% interest, deferred second mortgage for eligible homebuyers.
- Self-Help Loan Pool: Partners with local organizations to provide affordable mortgages to low-income buyers who help build their homes.