North Dakota Mortgage Calculator
Calculate your North Dakota mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Fargo, Bismarck, Grand Forks, Minot, West Fargo, and all of North Dakota.
Useful for home buyers in Fargo, Bismarck, Grand Forks, Minot, West Fargo, and all of North Dakota.
Why use a North Dakota Mortgage Calculator?
North Dakota has a property tax rate of around 0.98% and no transfer tax. This calculator estimates your payment, PMI, property tax, and closing costs for North Dakota properties.
North Dakota has a property tax rate of around 0.98% and no transfer tax. This calculator estimates your payment, PMI, property tax, and closing costs for North Dakota properties.
Result
Enter your details to see the estimated payment here.
Related Calculators
North Dakota Property Tax: The average effective property tax rate is about 0.98%. North Dakota has no real estate transfer tax, which helps lower closing costs.
Average Home Prices in Major North Dakota Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Fargo | $320,000 | $280,000 | $250,000 | $220,000 |
| Bismarck | $330,000 | $290,000 | $260,000 | $230,000 |
| Grand Forks | $290,000 | $250,000 | $220,000 | $200,000 |
| Minot | $250,000 | $220,000 | $200,000 | $180,000 |
| West Fargo | $340,000 | $300,000 | $270,000 | $240,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in North Dakota
- Property Tax: North Dakota's average effective property tax rate is about 0.98%, close to the national average. Property taxes are paid annually (September) and may be included in your monthly payment.
- Homestead Credit: North Dakota offers a Homestead Credit for qualified elderly or disabled homeowners, reducing property taxes.
- No Transfer Tax: North Dakota is one of the few states that does not impose a real estate transfer tax, which can save buyers and sellers money at closing.
- 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 Dakota's closing costs include title insurance, appraisal fees, and other expenses, typically 2-4% of the purchase price.
Example: On a $300,000 home with 10% down in Fargo, you pay PMI and property tax. Annual property tax would be approximately $2,940, with no transfer tax to pay.
Frequently Asked Questions
North Dakota property taxes are calculated based on the assessed value of your property, which is meant to represent the market value. The taxable value is 50% of the assessed value for residential properties. Local mill levies (tax rates) are then applied to this taxable value. Property tax bills are sent annually and are due by January 1, with the option to pay in installments (February 15, April 15, June 15, and September 15). North Dakota's property tax system funds local services including schools, county operations, and city services. The state offers a Homestead Credit program that can reduce property taxes for eligible seniors and disabled persons.
North Dakota offers several advantages for homebuyers:
- No Transfer Tax: North Dakota is one of only 13 states that does not charge a real estate transfer tax, reducing closing costs.
- Affordable Housing: Home prices in North Dakota are generally below the national average, making homeownership more accessible.
- Strong Economy: North Dakota's diverse economy, including energy, agriculture, and technology sectors, contributes to stable housing markets.
- Homeownership Programs: The North Dakota Housing Finance Agency (NDHFA) offers several assistance programs for first-time homebuyers.
- Low Foreclosure Rate: North Dakota consistently has one of the lowest foreclosure rates in the nation.
The North Dakota Housing Finance Agency (NDHFA) offers several programs to assist homebuyers:
- FirstHome™ Program: Offers low-interest mortgage loans to first-time homebuyers who meet income and purchase price limits.
- HomeAccess Program: Provides affordable mortgage loans to single-parent families, veterans, and households with disabled members.
- North Dakota Roots Program: Helps both first-time and repeat buyers with moderate incomes purchase homes in North Dakota.
- Start Program: Offers down payment and closing cost assistance up to $15,000 as a second mortgage with favorable terms.
- DCA Program: Provides down payment and closing cost assistance up to 3% of the loan amount as a second mortgage.
- Targeted Area Program: Offers special benefits for homebuyers purchasing in designated areas to encourage revitalization.