Calculate your monthly mortgage payment in Minnesota. Pre-filled with Minnesota's median home price of $320,000 and an average property tax rate of 1.12%.
Est. Monthly Payment
$2,313
Principal & Interest
$1,881
Property Tax / mo
$299
Total Interest Paid
$389,298
| Home Price | $320,000 | Median home price in Minnesota (2025) |
| Down Payment | 10% ($32,000) | Typical down payment percentage |
| Loan Amount | $288,000 | Home price minus down payment |
| Interest Rate | 6.82% | Approximate 30-year fixed rate (2025 avg) |
| Loan Term | 30 years | Most common mortgage term |
| Property Tax | 1.12% / year | Minnesota average effective rate |
| Home Insurance | 0.5% / year | Approximate annual premium |
MHFA Start Up, Step Up, Monthly Payment Loan
Cost of living: Moderate · Population: 5,706,494
Minnesota has a median home price of approximately $320,000, placing it below the national median. With a 10% down payment of $32,000, a typical buyer would finance $288,000 over 30 years. At a 6.82% fixed rate, the monthly principal and interest payment comes to $1,881.
Property taxes in Minnesota average 1.12% of the assessed home value annually — one of the moderate rates in the country. Combined with an estimated $133 for homeowners insurance, your all-in monthly housing cost is approximately $2,313.
Using the 28% housing cost guideline, you would need a gross annual income of approximately $99,145 to qualify comfortably. The median household income in Minnesota is $77,720.
