Minnesota Mortgage Calculator
Use this free mortgage calculator customized with Minnesota-specific tax rates, costs, and financial data.
Enter Your Details
Frequently Asked Questions
What is the average home price in Minnesota?
The median home price in Minnesota is $315,000. Monthly mortgage payments depend on your down payment, interest rate, and loan term. Property taxes of approximately 1.02% and home insurance averaging $1,800/year should also be factored in.
How much is a mortgage payment on a typical Minnesota home?
Based on the median home price of $315,000 with 20% down, a 30-year fixed mortgage at 7% interest would cost approximately $1,677 per month in principal and interest, plus taxes and insurance.
Should I include property taxes in my Minnesota mortgage calculation?
Yes. In Minnesota, property taxes average 1.02% of your home's value, which adds approximately $268/month on a median-priced home. Most lenders require you to escrow property taxes and insurance into your monthly payment.