Mortgage Calculator North Carolina 2026: Payment, PMI & Excise Tax
This mortgage calculator for North Carolina estimates your full monthly payment — principal & interest, property tax, homeowners insurance and PMI — plus the state excise tax on the deed. Enter your own rate; everything is calculated privately in your browser.
A mortgage calculator for North Carolina estimates the full monthly cost of a North Carolina home loan: principal and interest from standard amortization, plus property tax, homeowners insurance and private mortgage insurance (PMI) when you put down less than 20%. It also shows North Carolina’s real estate excise tax of $1 per $500 of price, which the seller normally pays.
How the Mortgage Calculator North Carolina Formula Works (Worked Example)
Principal and interest use the standard amortization formula M = P × r(1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of payments. Property tax is the home price × your local rate ÷ 12, insurance is your annual premium ÷ 12, and PMI is the loan amount × your PMI rate ÷ 12. Example: a $300,000 North Carolina home, 10% down, 30-year fixed at a user-entered 6.5% (click Load Example above to reproduce it).
| Item | Inputs | Monthly |
|---|---|---|
| Principal & interest | $270,000 loan, 6.5%, 360 payments | $1,706.58 |
| Property tax | 0.66% of $300,000 ($1,980/yr) | $165.00 |
| Homeowners insurance | $1,500/yr (example — use your quote) | $125.00 |
| PMI | 0.6% of $270,000 ($1,620/yr) | $135.00 |
| Total monthly payment | $2,131.58 | |
| State excise tax (one-time, usually seller) | $300,000 ÷ $500 × $1 | $600.00 |
Over 30 years this loan pays about $344,370 in interest. Your rate is an input, not an assumption — check the current weekly national average in Freddie Mac’s Primary Mortgage Market Survey and compare lender Loan Estimates.
North Carolina Property Tax Rate and Your Monthly Payment
North Carolina homeowners paid an effective property tax rate of about 0.66% of home value in 2024 Census ACS data, according to the Tax Foundation’s Property Taxes by State and County, 2026. Each county (and city, if you live inside one) sets its own rate per $100 of assessed value, and counties must reappraise property at least every eight years, so a recent revaluation can move your bill. Use the combined county and city rate on the listing or tax bill for the best estimate.
| Local rate | Annual tax on $300,000 | Added to monthly payment |
|---|---|---|
| 0.50% | $1,500 | $125.00 |
| 0.66% (statewide effective average) | $1,980 | $165.00 |
| 1.00% | $3,000 | $250.00 |
North Carolina Closing Costs: Excise Tax on the Deed
North Carolina does not charge a percentage transfer tax. Instead, N.C. Gen. Stat. § 105-228.30 levies an excise tax (often called revenue stamps) of $1 on each $500 of price or fractional part, paid by the transferor — the seller — to the register of deeds before the deed is recorded. Half goes to the county and half to the state. A few northeastern counties, such as Currituck, Dare and Perquimans, also levy a local 1% land transfer tax, which is not included in this calculator.
| North Carolina item | Amount | Usually paid by |
|---|---|---|
| Excise tax on the deed (G.S. § 105-228.30) | $1 per $500 or fraction — $600 on $300,000 | Seller (transferor) |
| Local land transfer tax (a few northeastern counties only) | 1% of price where levied | Set by contract — check your county |
| Escrow deposits for tax and insurance | Set by your lender — see your Loan Estimate | Buyer |
| Lender, appraisal, title and recording charges | Vary by lender, title company and county — compare Loan Estimates | Negotiable |
Some costs are negotiable, and sellers sometimes cover part of a buyer’s closing costs as a concession.
How North Carolina Mortgage Rates Affect Your Payment
Rates in North Carolina follow national mortgage markets and vary by lender, credit score, down payment and loan type. On a $345,000 home with 20% down, an example 6.85% rate produces a monthly principal and interest payment of approximately $1,809. A 0.25% rate increase adds roughly $46 to that payment, so shopping multiple lenders can save thousands over the life of the loan.
Adjustable-rate mortgages (ARMs) often start lower but carry rate-reset risk. Most North Carolina homebuyers choose 30-year fixed loans for payment predictability. FHA loans (3.5% down) and VA loans (0% down for veterans) are also popular in North Carolina.
First-Time Buyer Programs in North Carolina
The North Carolina Housing Finance Agency offers the NC Home Advantage Mortgage and down payment assistance for eligible buyers. Check current eligibility and limits with the agency or a participating lender.
FHA loans are available nationwide and require only 3.5% down with a 580+ credit score — ideal for first-time buyers in North Carolina who have limited savings. USDA loans offer 0% down for eligible rural properties in North Carolina. VA loans are available to qualified veterans and active-duty service members with no down payment required and no PMI.
If your down payment is below 20%, Private Mortgage Insurance (PMI) on a $276,000 loan adds approximately $138/month at a 0.6% annual rate. The Urban Institute puts typical PMI at roughly 0.46%–1.5% of the loan per year depending on credit score. PMI can be removed once your loan-to-value ratio reaches 80%, so extra payments accelerate the timeline to dropping PMI.
Last updated: October 2026. Estimates only — confirm figures with your lender and local tax office.
Frequently Asked Questions
What is the average mortgage rate in North Carolina in 2026?
North Carolina mortgage rates track national averages and change weekly. Check the Freddie Mac Primary Mortgage Market Survey for the current 30-year fixed average, then compare quotes from several lenders - your rate depends on credit score, down payment and loan type.
What is the average monthly mortgage payment in North Carolina?
For a $345,000 home with 20% down in North Carolina, the estimated PITI (principal, interest, taxes, and insurance) is approximately $2,123/month at an example 6.85% rate, assuming a 0.66% property tax rate and $1,500 a year for insurance.
Do I need PMI in North Carolina?
Yes — if your down payment is less than 20%, lenders in North Carolina require Private Mortgage Insurance (PMI) on conventional loans. The Urban Institute puts typical PMI at about 0.46%–1.5% of the loan amount per year, depending on credit score. PMI is removed once you reach 20% equity.
What is the average home price in North Carolina?
The $345,000 default in this calculator is an example price, not a measured statewide median. Home prices vary widely by city and county in North Carolina, so enter the price of the home you are considering or recent sales from your agent.
What is the property tax rate in North Carolina?
North Carolina homeowners paid an effective property tax rate of about 0.66% of home value in 2024 Census data (Tax Foundation, 2026) - roughly $2,277 a year on a $345,000 home. Each county and city sets its own rate per $100 of value, so use the combined rate on your tax bill.
How much is the real estate excise tax in North Carolina?
North Carolina charges an excise tax of $1 for each $500 of the price or fractional part under N.C. Gen. Stat. 105-228.30 - $600 on a $300,000 home. The seller (transferor) pays it when the deed is recorded. A few northeastern counties such as Currituck, Dare and Perquimans add a local 1% land transfer tax.
What is the monthly payment on a $300,000 house in North Carolina?
With 10% down and a 30-year fixed loan at 6.5%, principal and interest is about $1,707 a month. Adding 0.66% property tax ($165), $1,500 a year insurance ($125) and 0.6% PMI ($135) brings the total to about $2,132 a month.