Minnesota Mortgage Calculator

Calculate your monthly mortgage payment in Minnesota. Pre-filled with Minnesota's average property tax rate of 1.07%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$312
Homeowner's Insurance
$100
Total Monthly Payment
$2,182

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,182/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Minnesota Housing Overview

Minnesota has an average property tax rate of 1.07%. Minnesota's cost of living is about 1% above the national average, with the Twin Cities metro being moderately above average.

Property Tax: 1.07%Progressive rates up to 9.85%Partial Social Security taxationStrong healthcare and corporate presence

Buying a Home in Minnesota

If you're considering buying a home in Minnesota, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Minnesota's average property tax rate of 1.07% to give you a more accurate estimate.

Minnesota Property Taxes

Minnesota has an average effective property tax rate of 1.07%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 1.07% rate means approximately $3745 per year, or $312 per month in property taxes alone.

Cost of Living in Minnesota

Minnesota's cost of living is about 1% above the national average, with the Twin Cities metro being moderately above average. When evaluating whether to buy a home in Minnesota, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Minnesota Homebuyers

  • Minnesota's top rate of 9.85% makes it important to maximize pre-tax deductions
  • Minnesota taxes Social Security benefits partially — plan for this in retirement
  • Minneapolis-St. Paul's strong healthcare, finance, and retail sectors offer competitive compensation
  • Minnesota's high taxes fund strong public services and quality of life

Key Minnesota Features

  • Progressive rates up to 9.85%
  • Partial Social Security taxation
  • Strong healthcare and corporate presence
  • High quality of life

See How Your Minnesota Mortgage Fits Your Financial Plan

This calculator shows your Minnesota mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Minnesota Mortgage Costs with Other States

Wisconsin1.61% property taxIowa1.53% property taxSouth Dakota1.13% property taxTexas1.80% property taxFlorida0.89% property taxTennessee0.66% property tax

Frequently Asked Questions

What is the average property tax rate in Minnesota?
The average effective property tax rate in Minnesota is approximately 1.07%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Minnesota's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Minnesota?
Your mortgage payment in Minnesota depends on the home price, your down payment, interest rate, and loan term. With Minnesota's average property tax rate of 1.07%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Minnesota an affordable state to buy a home?
Minnesota's cost of living is about 1% above the national average, with the Twin Cities metro being moderately above average. When evaluating affordability in Minnesota, consider not just the home price but also property taxes (1.07% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Minnesota property taxes compare to other states?
Minnesota's average property tax rate of 1.07% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Minnesota?
Most states, including Minnesota, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Minnesota's housing authority and the FHA, VA, and USDA loan programs for additional options.

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