North Dakota variant. This is a North Dakota-specific version of the Refinance Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Refinance Calculator.
Refinancing a North Dakota mortgage makes sense when the monthly interest savings recover your closing costs before you sell or move. On the state's $250,000 median home, even a small rate drop moves real money.
When refinancing pays off in North Dakota
Closing costs typically run 2-5% of the loan balance. On a $200,000 loan (80% of the $250,000 median home), that's roughly $6,000 at 3%.
Your break-even point is closing costs ÷ monthly savings. Drop your rate enough to save $200/month and you'd recover $6,000 in about 30 months - refinance only if you'll stay past that point.
About taxes and housing in North Dakota
North Dakota has one of the lowest top income tax rates in the country, with a top marginal rate around 2.5%.
North Dakota's effective property tax rate is near 0.98%, with median home values around $250,000.
North Dakota's economy is strongly tied to oil and gas production in the Bakken formation along with large-scale agriculture.
Worked example: break-even in North Dakota
Loan $200,000, closing costs ≈ $6,000 (3%). If a refinance cuts your payment by $250/month, break-even ≈ 24 months. Use the calculator above with your actual rates and balance.
Quick reference
- State income tax: 1.95-2.5% across 3 brackets (lowest top rate)
- State sales tax: 5% (plus 1.97% avg local)
- Median home value: $250,000
- Median household income: $73,959
- Effective property tax rate: 0.98%
- Avg auto insurance: $1,240/yr
Frequently Asked Questions
Is it worth refinancing in North Dakota?
It depends on your break-even: closing costs divided by monthly savings. If you'll keep the home past break-even, refinancing usually pays off.
What are typical closing costs in North Dakota?
Refinance closing costs generally run 2-5% of the loan, or roughly $6,000 on a median North Dakota loan.