Mortgage Calculator for Minnesota — Includes Property Tax & Insurance
In Minnesota, the median home costs $330,000, and property taxes there are close to the national average at an average of 1.12% of assessed value — which adds roughly $308 to the monthly payment on a median-priced Minnesota home. Homeowners insurance in Minnesota averages $1,500 a year ($125/month), below the national average. Putting 20% down at Minnesota's typical 30-year fixed rate of 7.02%, your full PITI payment — principal, interest, taxes, and insurance — comes to about $2,193 per month. The calculator below is pre-filled with these Minnesota figures so you can adjust any input and see the impact instantly.
A buyer earning Minnesota's median household income of $84,000 would dedicate roughly 31% of gross monthly income to housing — moderately stretched by the standard 28% guideline.
Median Home Price
$330,000
Avg 30-yr Rate
7.02%
Property Tax Rate
1.12%/yr
Est. Monthly PITI
$2,193
Mortgage Calculator
Total Monthly Payment
$2,192.95
Loan Amount
$264,000
Total Paid
$633,581
Total Interest
$369,581
How to Get a Mortgage in Minnesota
- 1 Check your credit score. In Minnesota, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $330,000 Minnesota home, 20% down is $66,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Minnesota average 7.02%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $7,920–$13,200 on a median Minnesota purchase.
- 5 Budget for ongoing costs: Minnesota property taxes average 1.12%/yr ($3,696/yr on the median home), plus homeowner's insurance averaging $1,500/yr.
Monthly Cost Breakdown — Median Minnesota Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Minnesota Mortgage FAQs
What is the average home price in Minnesota?
The median home price in Minnesota is $330,000 (2024 estimate). With a typical 20% down payment of $66,000, a buyer would finance $264,000 at a 30-year fixed rate.
What are property taxes like in Minnesota?
Minnesota has an average effective property tax rate of 1.12% of assessed home value. On a $330,000 home, that's approximately $3,696 per year ($308/month) — above the national average of 1.07%.
How much income do I need to buy a home in Minnesota?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Minnesota home, you'd need to earn roughly $93,983 per year. The state's median household income is $84,000, meaning the typical household allocates about 31% of gross income to housing — moderately stretched.
What is the average mortgage rate in Minnesota?
The average 30-year fixed mortgage rate in Minnesota is approximately 7.02% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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