North Carolina Mortgage Calculator

Current Coastal North Carolina Housing Market Mortgage Calculator

Use this mortgage calculator to help you determine how much house you might afford and/or qualify for.

Complete or change theMortgage Calculator NC entry fields in the "Input" column of all three sections. The calculator will automatically recalculate anytime you press the Tab key after making a change to an input field.

Please note that this is only an estimate. Contact us if you are interested in looking for a home to buy in the Coastal North Carolina area!

North Carolina Mortgage Calculator

Purchase Information


Payment Information

Qualifying Information

Create Amortization Schedule

Longer term loans may take a few moments for the report to be generated.

How is a Mortgage Payment Calculated? 

Before you can calculate the monthly payment when purchasing a home in North Carolina, you need to know the home price, the percentage or the amount you will put down, the loan term, the interest rate, property taxes, home insurance cost, PMI, and HOA fees. More definitions for understanding mortgages can be found on the Consumer Financial Protection Bureau's website. 

Home Price: 

When someone decides to purchase a home, the price agreed upon by the buyer and seller is referred to as the home's purchase price. This amount represents the total cost that the buyer will pay the seller to become the property's new owner. The purchase price is typically determined after negotiations between the buyer and seller. Both parties consider various factors, such as the home's location, size, condition, and other features that may affect its overall value.

When you own a home, protecting your investment with homeowner's insurance is important. Homeowner's insurance pays for losses and damage to your property if something unexpected happens, such as a fire or burglary. In addition to protecting your property, homeowner's insurance can also provide liability coverage if someone is injured on your property.

Down Payment:

This payment is typically made when closing and represents a percentage of the home's total value. The remaining balance of the home's value is then covered through a mortgage loan. The amount of the down payment required can vary depending on several factors, including the buyer's credit history, the type of loan they seek, and the lender's specific requirements. However, a down payment of at least 20% of the home's total value is often recommended.

Loan Term:

When you take out a mortgage loan to purchase a home, one of the key factors to consider is the loan term. The loan term refers to the time you will have to repay the loan in full, including the principal amount and any interest that accrues over time. For most homes, mortgage terms are typically 15, 20, or 30 years. The specific term you choose will depend on various factors, including your financial situation, your long-term goals, and your overall comfort level with debt.

Interest Rate: 

The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. This rate is applied to the principal balance of the loan and determines how much interest you will pay over the life of the loan. It is important to note that the interest rate on a mortgage loan does not reflect any fees or other charges you may have to pay.

Property Taxes

One of the ongoing costs of owning a home is property taxes. These taxes are charged by local jurisdictions, typically at the county level, based on the value of the property being taxed. Property taxes are an important source of revenue for local governments and are used to fund various services and programs, including schools, roads, and public safety.

Homeowner's Insurance 

Another ongoing cost of owning a home is homeowner's insurance. Homeowner's insurance pays for losses and damage to your property if something unexpected happens, such as a fire or burglary. In addition to protecting your property, homeowner's insurance can also provide liability coverage if someone is injured on your property. 


Private Mortgage Insurance (PMI) is a type of mortgage insurance that benefits your lender in the event that you default on your loan. PMI is typically required for borrowers who put down less than 20 percent of the property value as a down payment and have a conventional loan.

Homeowner's Association (HOA) 

A homeowners' association (HOA) is an organization that is typically formed to manage shared expenses and responsibilities in a planned subdivision or other organized community. HOAs are often responsible for tasks such as landscaping and other maintenance costs and ensuring that the community adheres to certain standards and rules.

The Formula for Calculating Mortgage Payments in NC 

If you're planning to purchase a home in coastal North Carolina and want to understand what the monthly mortgage payment will be, it's important to understand the equation used to calculate your mortgage payments. 

Utilizing all of the above numbers (if applicable), you can now calculate the estimated monthly payment of your North Carolina mortgage loan. Here's how to formulate the equation to calculate your mortgage payment: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1].

Here are the variables: 

M = Total monthly payment 

P = The amount of your loan 

I = Monthly interest rate 

N = Loan term 

Learn More About Calculating the Costs of Buying a Home in North Carolina

Please get in touch with Anchor Real Estate to support your journey in purchasing a home and understand the cost of purchasing a coastal home in North Carolina. Call us at (910) 548-7805 or email us here

Google Reviews

"It’s our pleasure to recommend Oldfather Group to anyone wanting to buy or sell their home. Being new to the area and after having an extremely frustrating experience with another reality group in the area, we decided to give Dustin and the Oldfather Group a try. From helping us decide on a listing price, to prescreening buyers, through all the negotiations, and then handling all the legal issues and paperwork our overall experience was excellent. Attention to detail was superb as well as their quick response time to all our questions and concerns. We had an administrative assistant assigned specifically to our contract which helped a lot. Consequently, the settlement was a breeze. Over the years we have used many Realtors and unquestionably the Oldfather Group was the best."


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