Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
Pro
Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in North Dakota
North Dakota offers affordable homeownership at an average home price of $240,000 with a property tax rate near the national average at 0.94%. Fargo, the state's largest city on the Minnesota border, is North Dakota's economic hub with a diversified economy including healthcare, technology, agriculture, and education. The Fargo-Moorhead metro has consistent growth and a stable housing market that has avoided the boom-bust cycles seen in western parts of the state.
Bismarck, the state capital, sits at the center of the state and has benefited from stable government employment and regional healthcare and retail activity. It offers a solid middle-class housing market with a mix of older established neighborhoods and newer suburban development. Grand Forks, home to the University of North Dakota, provides another stable demand center driven by education and healthcare.
Western North Dakota — particularly Williston and surrounding communities in the Bakken oil region — operates differently, with housing conditions tied to energy sector cycles. The Primary Residence Credit reduces property taxes for North Dakota owner-occupants, and the NDHFA offers solid assistance programs for first-time buyers throughout the state.
Key Housing Facts for North Dakota
Average home price: $240,000
Average effective property tax rate: 0.94%
Average homeowners insurance: $1,600/year
Primary Residence Credit available for owner-occupants
No state transfer tax
Most stable markets: Fargo, Bismarck, Grand Forks
Energy-linked market: Williston, Minot
Frequently Asked Questions
North Dakota's average effective property tax rate is approximately 0.94%, near the national average. On a $240,000 home, you'd pay roughly $2,256 per year in property taxes. North Dakota offers a Primary Residence Credit that reduces property taxes for owner-occupants, and additional credits are available for seniors and disabled veterans.
North Dakota Housing Finance Agency (NDHFA) offers the HomeAccess program with competitive interest rates and the DCA (Down Payment and Closing Cost Assistance) program providing up to 3% of the loan amount. The Start program is specifically designed for first-time buyers with income limits. Workforce Housing Incentive programs may be available in certain communities to incentivize new construction.
North Dakota's oil boom in the Bakken formation (western ND, particularly around Williston) created a housing crisis of overheated demand and insufficient supply during the 2010s. Oil prices eventually moderated and the market normalized, but western North Dakota still experiences more volatile housing conditions tied to energy sector activity. The more stable markets of Fargo, Bismarck, and Grand Forks are less energy-dependent.
Closing costs in North Dakota typically range from 2–3% of the loan amount. On a $240,000 home, expect approximately $4,800–$7,200 in closing costs. North Dakota does not have a state transfer tax, which helps keep closing costs relatively low. NDHFA's DCA program providing up to 3% of the loan amount can cover the majority of typical closing costs for qualifying buyers.