Calculate your monthly mortgage payment in Minnesota. Pre-filled with Minnesota's typical home value of $350,800 (Zillow Home Value Index, August 2026) and an effective property tax rate of 1.02% (Census ACS 2024 1-year, median taxes ÷ median home value).
Est. Monthly Payment
$2,317
Principal & Interest
$1,873
Property Tax / mo
$298
Total Interest Paid
$393,555
| Home Price | $350,800 | Typical home value in Minnesota — Zillow Home Value Index, August 2026 |
| Down Payment | 20% ($70,160) | Assumption — no sourced state average |
| Loan Amount | $280,640 | Home price minus down payment |
| Interest Rate | 7.03% | Freddie Mac PMMS national average, week of 2026-09-24 — not a Minnesota rate |
| Loan Term | 30 years | Assumption |
| Property Tax | 1.02% / year | Minnesota effective rate — Census ACS 2024 1-year, median taxes ÷ median home value |
| Home Insurance | 0.5% / year | Assumption — not a sourced premium |
Programs named for Minnesota: MHFA Start Up, Step Up, Monthly Payment Loan. This list has no recorded source or date and may be out of date — confirm current programs and eligibility with the Minnesota housing finance agency before you rely on it.
Cost of living: Moderate (index 93.4, MERIC (C2ER index), Second Quarter 2026) · Population: 5,830,405 (Census Bureau estimate, July 1, 2025)
Minnesota has a typical home value of about $350,800 (Zillow Home Value Index, August 2026), below the U.S. typical value of $368,700. With an assumed 20% down payment of $70,160, a buyer would finance $280,640 over 30 years. At the national 7.03% fixed rate, the monthly principal and interest payment comes to $1,873.
The effective property tax rate in Minnesota — median real estate taxes paid divided by median home value — is 1.02% per year (Census ACS 2024 1-year, median taxes ÷ median home value), against 0.89% for the U.S. Combined with an assumed $146 a month for homeowners insurance, the estimated all-in monthly housing cost is about $2,317.
Using the 28% housing cost guideline, you would need a gross annual income of approximately $99,290 to qualify comfortably. The median household income in Minnesota is $87,117 (Census ACS 2024 1-year).
