Mortgage on a $500K house in North Carolina
$3,205 a month with 20% down — $2,691 principal and interest plus $265 property tax and $250 insurance.
North Carolina's typical property tax is 0.64% of the home's value a year (U.S. average 0.9%), which adds $265 a month on a $500K home. The typical home in North Carolina is worth $332,159, so $500K is 51% above the typical price.
$500K home in North Carolina: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $100,000 | $400,000 | $2,691 | $0 | $515 | $3,205 | $137,400 |
| 10% down | $50,000 | $450,000 | $3,027 | $188 | $515 | $3,729 | $159,800 |
| 5% down | $25,000 | $475,000 | $3,195 | $198 | $515 | $3,908 | $167,500 |
| 3.5% down (FHA) | $17,500 | $490,944 | $3,303 | $221 | $515 | $4,038 | $173,100 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.64% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in North Carolina does $500K buy a typical home?
In these counties the typical home value is within 15% of $500K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Orange County | $494,660 | 0.91% | $3,318 |
| Watauga County | $507,749 | 0.39% | $3,102 |
| Wake County | $471,020 | 0.71% | $3,235 |
| Carteret County | $469,750 | 0.43% | $3,119 |
| Transylvania County | $462,178 | 0.45% | $3,128 |
| Currituck County | $543,963 | 0.46% | $3,134 |
| Jackson County | $447,841 | 0.34% | $3,084 |
| New Hanover County | $445,851 | 0.54% | $3,167 |
| Union County | $444,831 | 0.57% | $3,180 |
| Chatham County | $558,465 | 0.64% | $3,207 |
| Buncombe County | $440,368 | 0.57% | $3,177 |
| Pender County | $435,927 | 0.63% | $3,203 |
96 of 100 North Carolina counties tracked by Zillow have a typical home value at or below $500K. See all North Carolina home prices.
Other prices in North Carolina
Frequently asked questions
What is the mortgage on a $500K house in North Carolina?
About $3,205 a month with 20% down at 7.11%: $2,691 principal and interest, $265 property tax and $250 insurance.
How much do I need to make to buy a $500K house in North Carolina?
About $137,400 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $500K house in North Carolina?
At North Carolina's typical effective rate of 0.64%, about $3,175 a year. Rates vary by county and city — see the county pages.