Mortgage Refinance for North Dakota (2026)
North Dakota (ND) Key Facts
Average Refinance Closing Costs
$3,750
Break Even Period ( Months)
19
Typical Current Balance
$187,500
Current Average Rate
7.25%
New Average Rate
6.25%
How This Calculator Works in North Dakota
This mortgage refinance calculator helps you determine whether refinancing your North Dakota home loan makes financial sense. Enter your current loan balance, interest rate, and the new rate you have been offered to see your monthly savings, total interest savings, and break-even timeline. It is pre-loaded with North Dakota-specific closing cost estimates to give you an accurate picture.
North Dakota Overview
Refinancing a mortgage in North Dakota can lower your monthly payment, reduce total interest, or let you access home equity. Typical refinance closing costs run 2-5% of the loan balance. North Dakota does not require an attorney for a refinance closing. North Dakota homeowners who itemize can deduct mortgage interest on both state and federal returns, which may offset some refinancing costs.
How North Dakota Compares
Refinance costs in North Dakota are broadly similar to nearby states, with closing costs averaging about 2% of the loan balance. In South Dakota, a typical refinance balance is $217,500 with costs of about $4,350. The primary difference between states is the loan amount (driven by home values), which directly affects the dollar amount of closing costs and monthly savings.
| State | Top Rate | Notes |
|---|---|---|
| South Dakota | $4,350 | Typical refinance balance of $217,500 with closing costs of approximately $4,350. Median home price is $290,000. |
| Montana | $6,750 | Typical refinance balance of $337,500 with closing costs of approximately $6,750. Median home price is $450,000. |
| Minnesota | $4,950 | Typical refinance balance of $247,500 with closing costs of approximately $4,950. Median home price is $330,000. |
In North Dakota, a typical refinance involves a balance of about $187,500 (based on the median home price of $250,000 at 75% LTV). Refinance closing costs average approximately $3,750, or about 2% of the loan balance. At current rates, refinancing from 7.25% to 6.25% could save approximately $201 per month, with a break-even period of about 19 months.
Tips for North Dakota Residents
- 1Before refinancing in North Dakota, calculate your break-even point: divide total refinancing costs by your monthly savings. If you plan to stay in the home longer than the break-even period, refinancing likely makes sense.
- 2Closing costs on a refinance in North Dakota typically run 2-5% of the loan balance. On a $200,000 loan, that is $4,000-$10,000. Some lenders offer no-closing-cost refinances that roll fees into the rate.
- 3North Dakota homeowners who itemize can deduct mortgage interest on both state and federal returns, which may offset some refinancing costs.
- 4You do not need an attorney for a refinance in North Dakota, though one can review documents if you have concerns about the terms.
- 5Compare at least three lender offers in North Dakota. Even a 0.125% rate difference on a $200,000 loan saves roughly $7,500 over 30 years.