🏠 Minnesota Mortgage Calculator 2026
Estimate your monthly mortgage payment in Minnesota. Includes principal & interest, property tax (1.12%), homeowner's insurance, and PMI.
| Item | Monthly | Annual | Over Loan |
|---|
📊 View Amortization Schedule (Year by Year)
| Year | Principal | Interest | Balance |
|---|
Buying a Home in Minnesota — What You Need to Know
Minnesota's average home price is approximately $340,000, with a property tax rate of 1.12% (effective rate). That translates to roughly $317/month in property taxes on the average home.
Homeowner's insurance in Minnesota averages about $2,000/year ($167/month). This is close to the national average for homeowner's insurance costs.
Key Minnesota Mortgage Facts
- Property Tax Rate: 1.12% effective rate
- Average Home Price: $340,000
- Average Insurance: $2,000/year
- 20% Down Payment: $68,000
- PMI: Required if down payment is less than 20%
Tip: If you put less than 20% down on a conventional loan, you'll pay Private Mortgage Insurance (PMI), typically 0.5-1% of the loan amount annually. FHA loans require mortgage insurance for the life of the loan. VA loans have no PMI requirement.
Frequently Asked Questions
What is a good mortgage rate in Minnesota in 2026?
Mortgage rates vary by lender, credit score, and loan type. As of 2026, average 30-year fixed rates hover around 6.5-7%. Shopping multiple lenders can save you thousands over the life of your loan.
How much house can I afford in Minnesota?
A common guideline is the 28/36 rule: your mortgage payment shouldn't exceed 28% of gross monthly income, and total debt payments shouldn't exceed 36%. With Minnesota's average home price of $340,000, you'd typically need a household income of $425,000+ per year.
Should I get a 15-year or 30-year mortgage in Minnesota?
A 15-year mortgage has higher monthly payments but saves significantly on interest. For a $340,000 home with 20% down, you could save over $100,000 in interest with a 15-year vs 30-year loan.
What are closing costs in Minnesota?
Closing costs in Minnesota typically range from 2-5% of the home price. On a $340,000 home, expect to pay approximately $10,200 in closing costs.