Total and state-to-state probabilities have been determined for the N + NO -> N-2 + O reaction for collision energies up to 0.6 eV using a time-independent quantum mechanical method. The probabilities as a function of collision energy show broad oscillations, in strong contrast with previous theoretical results obtained by means of a time-dependent wave packet method that show a dense resonance structure. The rate constant has been calculated in the J-shifting approach for temperatures between 10 and 400 K. It is in good agreement with previous theoretical results obtained only at 100 K and above 200 K and experiments in a wide temperature range.