Mortgage Calculator & Closing Costs: Grand Forks, ND
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Grand Forks, North Dakota.
Median Home Price
$245K
Population
57K
Avg Monthly Rent
$980
Property Tax Rate
0.98% *
* Property tax shown is the North Dakota state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Grand Forks.
Grand Forks vs North Dakota Median
The median home price in Grand Forks is $245,000, which is roughly in line with the North Dakota state median of $255,000.
Mortgage Calculator — Grand Forks, ND
Pre-filled with Grand Forks median home price and North Dakota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $245K home using North Dakota's 0.98% tax rate and $2,100/yr insurance.
5% Down
$1,982/mo
Down: $12,250
Loan: $233K
P&I: $1,471
Tax: $200
Insurance: $175
PMI: $136
10% Down
$1,897/mo
Down: $24,500
Loan: $221K
P&I: $1,394
Tax: $200
Insurance: $175
PMI: $129
20% Down (No PMI)
$1,614/mo
Down: $49,000
Loan: $196K
P&I: $1,239
Tax: $200
Insurance: $175
Income needed (28% rule): $69K/year with 20% down, $81K/year with 10% down.
Rent vs Buy in Grand Forks
Rent
$980/mo
vs
Buy (10% down)
$1,897/mo
Price-to-rent ratio: 20.8 — At a ratio above 20, renting may be more economical in Grand Forks for shorter stays. Buying costs $917 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Grand Forks is $245,000, roughly in line with the North Dakota state median of $255,000. With a population of 56,588, Grand Forks is a smaller market where home prices tend to be more accessible than in many parts of North Dakota.
Property taxes in North Dakota average 0.98% annually. This moderate property tax rate means a $245,000 home in Grand Forks would carry roughly $200/month in property taxes. Homeowners insurance in North Dakota runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Grand Forks is $980/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Grand Forks offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with North Dakota's NDHFA FirstHome program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Grand Forks.