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Minnesota mortgage calculator

The median home in Minnesota runs about $340,000. With 20% down that's a loan near $272,000 — the calculator is pre-filled with that figure. Minnesota's property tax rate is near average and partly offset by a homestead credit refund for eligible owners. Hail exposure keeps insurance premiums above the national norm.

$1,766.00 / month

Total interest
$363,755
Total paid
$635,755
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$68k$136k$204k$272k0612182430Year

How it works

A full Minnesota payment is more than principal and interest. At the state's 1.11% effective property tax rate, a $340,000 home owes about $3,774 a year in tax, and homeowners insurance averages roughly $2,400 a year here. Together those add about $515 to the monthly payment before any HOA dues or PMI.

Minnesota's median household income is about $87,000, or $7,250 a month. Lenders generally want the full housing payment under about 28% of that — roughly $2,030 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Minnesota sell in about 35 days on average.

Frequently asked questions

What is a typical mortgage payment in Minnesota?
On the state's roughly $340,000 median home with 20% down, the loan is about $272,000. Principal and interest depend on your rate; on top of that, Minnesota's 1.11% effective property tax rate and about $2,400 a year in homeowners insurance add roughly $515 per month to the payment.
How much are property taxes on a home in Minnesota?
Minnesota's effective property tax rate averages about 1.11% of market value — roughly $3,774 a year on the $340,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Minnesota?
The average Minnesota homeowners policy runs about $2,400 a year. Minnesota's property tax rate is near average and partly offset by a homestead credit refund for eligible owners. Hail exposure keeps insurance premiums above the national norm.
Can I afford a home in Minnesota on the median income?
Minnesota's median household income is about $87,000 a year, or $7,250 a month. Lenders generally want the full housing payment under about 28% of that — roughly $2,030 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Minnesota?
A for-sale home in Minnesota spends about 35 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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