Mortgage Calculator in Minnesota

Calculate your monthly mortgage payment in Minnesota using the 2026 median home price of $330K and current local rates. Adjust the inputs below to match your situation.

Minnesota Housing Market at a Glance (2026)

$330K

Median Home Price

6.83%

Avg Mortgage Rate

1.12%

Property Tax Rate

10%

Typical Down Payment

Buying a Home in Minnesota: Costs to Know

Average closing costs1.8% of purchase price

On a $330K home, closing costs ≈$5,940

Median household income$77,000/yr

State income tax (top rate)9.85%

First-Time Buyer Programs in Minnesota

Minnesota offers state-sponsored programs that can reduce your down payment or closing costs:

✓Start Up Program
✓Step Up Program

How Mortgage Payments Work in Minnesota

A standard mortgage payment in Minnesota is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $330K home in Minnesota with a 10% down payment at 6.83% over 30 years, your principal and interest payment comes to approximately $1,942/month— not including property taxes or homeowner's insurance.

Minnesota's property tax rate of 1.12% adds roughly $308/month to your total housing cost on a $330K home. This rate is near the national average of ~1.1%.

Minnesota vs. National Average

Metric	Minnesota	National Avg
Median Home Price	$330,000	$420,000
Property Tax Rate	1.12%	1.07%
Avg Mortgage Rate	6.83%	6.85%
Cost of Living Index	105	100

Frequently Asked Questions — Mortgage Calculator in Minnesota

What is the average mortgage payment in Minnesota?+

Based on the median home price of $330K in Minnesota with a 10% down payment and 6.83% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,942. Adding property taxes (~$308/mo) and homeowner's insurance, total PITI is typically $2,400–$2,500/month.

What is the property tax rate in Minnesota?+

Minnesota has an average effective property tax rate of 1.12%. On the median home price of $330K, that equals roughly $3,696 per year — or $308 added to your monthly mortgage payment. This is near the national average of ~1.1%.

How much down payment do I need to buy a home in Minnesota?+

The typical down payment in Minnesota is 10% — about $33,000 on the median $330K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like Start Up Program.

What are closing costs in Minnesota?+

Average closing costs in Minnesota are approximately 1.8% of the purchase price — about $5,940 on the median $330K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Minnesota?+

To afford the $330K median home in Minnesota under the 28% housing-cost rule, you need a gross monthly income of at least $8,571 — roughly $103K/year. The median household income in Minnesota is $77,000.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.