Mortgage Calculator for Raleigh Home Buyers
Estimate Your Monthly Payment and Know Your Budget Before You Search
Understanding what a home will cost you each month is one of the most important things to nail down before you start your search in earnest. A payment estimate gives you a realistic budget ceiling, helps you evaluate how different purchase prices affect your monthly cash flow, and puts you in a much better position when it is time to sit down with a lender.
Use the calculator below to run the numbers on any scenario you are considering. Adjust the purchase price, down payment amount, interest rate, and loan term to see how each variable affects your monthly payment.
A few things to keep in mind as you calculate:
The figure the calculator produces reflects principal and interest only. Your actual monthly housing cost will also include property taxes, homeowners insurance, and in many cases a homeowners association fee. In Wake County, property taxes run approximately 0.7 to 0.9 percent of assessed value annually depending on municipality, and homeowners insurance for a typical Triangle home commonly runs $1,200 to $2,000 per year. If your down payment is less than 20 percent, your lender will also require private mortgage insurance (PMI), which typically adds $50 to $200 per month depending on the loan size and your credit profile.
For current interest rate context: as of 2026, 30-year conventional mortgage rates have been in the range where your lender and a mortgage broker are the right sources for an accurate current quote, since rates move frequently and vary meaningfully based on your credit score, loan size, and loan type. The calculator lets you input whatever rate your lender has quoted you so your estimate reflects your actual situation.
With Triangle home prices in the mid-$400,000s at the median and significant variation by submarket — from the low $300,000s in some areas to well above $700,000 inside the Beltline and in North Raleigh — running several scenarios at different price points is a useful exercise before you decide where to focus your search.
Ready to move from estimate to pre-approval?
A calculator gives you a ballpark. A pre-approval letter gives you purchasing power. If you are getting serious about buying in the Triangle, the next step is a conversation with a lender. Brandon works regularly with several trusted mortgage professionals in the Raleigh market and is happy to make an introduction — or to answer any questions you have about what the buying process looks like before you take that step.
Frequently Asked Questions
What interest rate should I use in the calculator?
Use the rate your lender or mortgage broker has quoted you based on your credit profile and loan type. If you have not spoken with a lender yet, you can use a current average rate as a starting point, but treat the result as a rough estimate until you have an actual quote. Brandon can connect you with local lenders who can give you a real number quickly.
What is not included in the calculator’s monthly payment estimate?
The calculator shows principal and interest only. Your full monthly housing cost will also include property taxes (approximately 0.7 to 0.9 percent of assessed value annually in Wake County), homeowners insurance (commonly $1,200 to $2,000 per year for a Triangle home), HOA fees if applicable, and PMI if your down payment is less than 20 percent of the purchase price.
How much do I need for a down payment on a home in Raleigh?
It depends on your loan type. Conventional loans can require as little as 3 to 5 percent down, though putting down less than 20 percent typically triggers PMI. FHA loans require 3.5 percent down for borrowers who qualify. VA loans and USDA loans offer zero down payment options for eligible buyers. Brandon can walk you through what each loan type means for your monthly payment and your upfront costs.
What home price range should I be looking at in the Triangle?
The right price range depends on your income, your debt, your down payment, and the loan type you qualify for. Wake County’s median home price in 2026 is in the mid-$400,000s, with meaningful variation across submarkets. Running several scenarios in the calculator above is a good way to see how different price points affect your monthly payment before you start narrowing your search.
Have Questions About What You Can Afford?
The calculator is a starting point. Brandon can help you understand what your budget looks like in practical terms across different Triangle submarkets and connect you with trusted local lenders when you are ready to get pre-approved. Call or text 910-228-6481 or email brandon@theoceanairerealty.com.