Raleigh, NC Mortgage Calculator
Calculate your estimated mortgage payment for a home in Raleigh, NC. Pre-filled with Raleigh's average home price of $415,000, local property tax rate of 0.8%, and typical insurance costs.
$415,000
Avg. Home Price
0.8%
Property Tax Rate
$1,850
Avg. Annual Insurance
-
? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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? The date of the last payment
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? The date of the last bi-weekly payment
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? Total interest paid
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? Total interest paid if bi-weekly payments made
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? Monthly property tax paid (included in above PITI payment)
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? Monthly Home Insurance paid (included in above PITI payment)
Raleigh, NC Mortgage Overview
The average home in Raleigh costs around $415,000. With a 20% down payment of $83,000, you would need a loan of $332,000.
Raleigh homeowners pay a property tax rate of approximately 0.8%, which translates to about $3,320 per year on the average home. Annual homeowners insurance in Raleigh averages around $1,850.
What Affects Your Raleigh Mortgage Payment?
Your monthly PITI payment in Raleigh includes four components:
- Principal — the portion that reduces your loan balance
- Interest — the cost of borrowing, based on your rate and remaining balance
- Taxes — Raleigh’s property taxes average 0.8%, lower than the North Carolina state average of 0.82%
- Insurance — homeowners insurance in Raleigh averages $1,850/year
Tips for Raleigh Home Buyers
- Compare rates from multiple Raleigh lenders — even a 0.25% rate difference can save tens of thousands over the life of your loan
- Check your credit score before applying — a higher score means better rates
- Consider bi-weekly payments — paying every two weeks instead of monthly can shave years off your mortgage
- Factor in PMI — if your down payment is less than 20%, you’ll pay Private Mortgage Insurance until you reach 80% loan-to-value
- Look at Raleigh first-time buyer programs — many North Carolina cities offer down payment assistance or reduced rates for first-time buyers
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