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Minnesota Mortgage Calculator

Your monthly mortgage payment in Minnesota, with Minnesota's effective property tax rate (1.02%) built in, at this week's average rate. The calculator starts at the state's median home value, $329,300.

A $329,000 home with 20% down ($263,200 borrowed) at 7.28% over 30 years costs about $2,247 a month: $1,801 principal and interest plus $446 of tax, insurance and dues.

Monthly payment
$2,246.89
Principal and interest
$1,800.85
Tax, insurance, PMI and HOA
$446.04
Total interest over the loan
$385,105
Loan balance and interest paid over 30 years at 7.28%$0$100k$200k$300k$400k051015202530Years━Balance owed━Interest paid so far
Download the schedule (CSV)
Amortization by year: $263,200 at 7.28%
YearInterestPrincipalBalance
1$19,077.56$2,532.60$260,667.40
2$18,886.91$2,723.25$257,944.15
3$18,681.91$2,928.25$255,015.90
4$18,461.47$3,148.69$251,867.21
5$18,224.44$3,385.72$248,481.50
6$17,969.57$3,640.59$244,840.91
7$17,695.51$3,914.65$240,926.26
8$17,400.82$4,209.34$236,716.92
9$17,083.95$4,526.22$232,190.70
10$16,743.22$4,866.94$227,323.76
11$16,376.84$5,233.32$222,090.44
12$15,982.88$5,627.28$216,463.15
13$15,559.27$6,050.90$210,412.26
14$15,103.76$6,506.40$203,905.86
15$14,613.97$6,996.20$196,909.66
16$14,087.30$7,522.86$189,386.80
17$13,520.99$8,089.17$181,297.63
18$12,912.04$8,698.12$172,599.51
19$12,257.26$9,352.90$163,246.61
20$11,553.18$10,056.98$153,189.63
21$10,796.10$10,814.06$142,375.58
22$9,982.03$11,628.13$130,747.45
23$9,106.68$12,503.48$118,243.97
24$8,165.43$13,444.73$104,799.24
25$7,153.33$14,456.83$90,342.41
26$6,065.04$15,545.13$74,797.29
27$4,894.82$16,715.35$58,081.94
28$3,636.50$17,973.66$40,108.28
29$2,283.47$19,326.70$20,781.59
30$828.57$20,781.59$0.00

This week's mortgage rates →

Monthly payment in Minnesota by home price (20% down, 7%, 30 years, 1.02% tax, $2,000 insurance)

Home pricePrincipal and interestProperty taxTotal
$160,000$852$136$1,154
$250,000$1,331$212$1,710
$330,000$1,756$280$2,203
$490,000$2,608$416$3,191
$660,000$3,513$560$4,240

How this calculator works

As the mortgage calculator, with Minnesota's effective property tax rate from the Census Bureau's American Community Survey 2020–2024 5-year estimates: median taxes $3,357 ÷ median value $329,300.

What it assumes

  • Home insurance varies a lot by state and area; enter your quote.
  • County property tax rates differ from the state figure; see the county pages.

Questions people ask

What is the mortgage payment on a median home in Minnesota?

On $329,300 with 20% down at 7% over 30 years: about $1,753 principal and interest and $280 of property tax, $2,199 a month with $2,000 a year of insurance.

What is the median home value in Minnesota?

$329,300 for owner-occupied homes (Census American Community Survey 2020–2024 5-year estimates), against $332,700 nationally.

How much is property tax in Minnesota?

The effective rate is 1.02%, a median $3,357 a year. See Minnesota's property tax page for every county we cover.

How much income do I need for a median Minnesota home?

Under the 28% guideline, about $94,242 a year for the payment above; Minnesota's median household income is $89,062.

Mortgage calculator by state

Related calculators

  • Mortgage CalculatorYour full monthly mortgage payment: principal and interest, property tax, insurance, PMI and HOA dues, at this week's average rate, with a yearly amortization schedule.
  • Minnesota Property Tax CalculatorMinnesota homeowners pay a median $3,357 a year in property tax, 1.02% of a median $329,300 home: the 20th highest effective rate of the 50 states and DC.
  • Home Affordability CalculatorThe home price your income supports under the 28/36 guideline lenders use, counting your other debts, down payment, taxes and insurance, at this week's average rate.

Sources

Updated by the RateHerald team. The maths is tested against worked examples; report a problem.