Monthly Payment on a $150K Mortgage in North Dakota
Using North Dakota's 0.98% property tax rate and $2,100/yr homeowners insurance.
$150K Mortgage in North Dakota: Rate Comparison
Monthly PITI payment using North Dakota's 0.98% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,190 | $1,143 | $979 |
| 6.0% | $1,235 | $1,186 | $1,017 |
| 6.5% | $1,281 | $1,230 | $1,056 |
| 7.0% | $1,329 | $1,274 | $1,096 |
| 7.5% | $1,377 | $1,320 | $1,137 |
| 8.0% | $1,426 | $1,367 | $1,178 |
How This Compares to North Dakota's Median
A $150K home is 41% below North Dakota's median of $255K. You'll find homes at this price in cities like Grafton.
Income Needed for a $150K Home in North Dakota
To afford this payment of $1,230/mo in North Dakota, you'd need a household income of approximately $53K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in North Dakota
Estimated closing costs in North Dakota: $2K (1.1% of purchase price). North Dakota has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $150K Mortgage in North Dakota
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding North Dakota's 0.98% property tax ($123/mo) and $2,100/yr insurance ($175/mo) brings your total to $1,230/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.