Minnesota mortgage calculator
Estimate your monthly payment for a home in Minnesota, with property tax at the state average of 1.02% and home insurance included. Rates use the 7.4% national 30-year average from Freddie Mac (week of October 8, 2026).
Estimated monthly payment
- Loan amount
- $263,440
- Down payment
- $65,860
- Interest over 30 years
- $393,202
- Income needed (28% guideline)
- $94,871 a year
Estimate only. Mortgage insurance (PMI) is added when the down payment is under 20%. Real taxes, insurance and lender fees vary by property.
How this is calculated. Principal and interest use the standard fixed-rate loan formula. Property tax uses the Minnesota average effective rate: the median real estate tax paid divided by the median home value. Home insurance is a general estimate that you can change.
Sources: Freddie Mac mortgage rate survey, week of October 8, 2026; U.S. Census Bureau American Community Survey, 2020–2024. Updated October 2026. Full methodology.
What a typical home costs per month in Minnesota
A home valued at the Minnesota median of $329,300 (the Census Bureau's figure for owner-occupied homes), bought with 20% down at 7.4% over 30 years, comes to about $2,214 a month. That is $1,824 in principal and interest, $280 in property tax and $110 in insurance.
Over a year that is 29.8% of the state's median household income of $89,062. Keeping housing costs near 28% of gross income would take a household income of about $94,871.
Property tax in Minnesota
Minnesota has the 20th highest effective property tax rate of the 50 states at 1.02%, above the typical state rate of 0.80%. The median Minnesota homeowner pays $3,357 a year.
| Home price | Tax per year | Tax per month |
|---|---|---|
| $200,000 | $2,039 | $170 |
| $300,000 | $3,058 | $255 |
| $400,000 | $4,078 | $340 |
| $500,000 | $5,097 | $425 |
| $750,000 | $7,646 | $637 |
These figures apply the statewide average rate. Rates differ between counties and taxing districts, and some homes qualify for exemptions.
States with similar property tax rates
- Massachusetts1.07% (17th highest)
- South Dakota1.06% (18th highest)
- Maine1.02% (19th highest)
- North Dakota0.99% (21st highest)
- Maryland0.97% (22nd highest)
- Missouri0.85% (23rd highest)
Questions about Minnesota mortgage payments
What is the property tax rate in Minnesota?
The average effective property tax rate in Minnesota is 1.02%. Census Bureau data shows homeowners paid a median of $3,357 a year on homes with a median value of $329,300. Your own rate depends on your county, city and school district.
How much is the monthly mortgage payment on a median-value home in Minnesota?
About $2,214 a month including property tax and insurance, assuming 20% down at 7.4% on a 30-year loan. Principal and interest alone come to $1,824.
How much income do I need to buy a home in Minnesota?
A common guideline keeps housing costs under 28% of gross income. For the median-value home above, that works out to about $94,871 a year. Lenders also look at debts, credit score and savings, so your own number may differ.
Does this calculator include property tax and insurance?
Yes. It adds property tax at 1.02% of the home price and home insurance at 0.4% of the home price as a starting estimate. Change either number to match a real quote. Mortgage insurance is added automatically when the down payment is under 20%.
Last updated October 2026. See the methodology for sources and limits.