The home side were strolling by half-time as a Lee Coll double and a third Matthew Leckey saw them lead 3-0.
The visitors – who won here at the start of the season – came storming back through Ross Linter to give them some hope.
The next goal became crucial and William Kilpatrick hit back to give Raphoe a 4-1 lead.
North Down’s Richard Willis managed a second goal for the visitors, but a five-staar performance by Raphoe was capped by Alan Meehan’s late penalty.
Raphoe: Johnny Rankin, Rodney Bates, Evan Lyttle, Alan Meehan, William Kilpatrick, Matthew Lecky, Ian McGonigle, Keith Meehan, George Patterson, Gavin Lecky, Johnny Long, Lee Coll, David Buchanan (coach), Richard Tinney (manager).
North Down: Gareth McBride, Michael Black, Keith Conway, Pete McKibbin, Andrew McKibbin, Richard Willis, Richard Cooper, Steve McGimpsey, Ross Linter, Gareth Bailie, Rowan Poots, David Sheppard, Tom Donnan, Phil Wilson.
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