Home and mortgage

Minnesota Mortgage Calculator

Your monthly mortgage payment in Minnesota, with Minnesota's effective property tax rate (1.02%) built in, at this week's average rate. The calculator starts at the state's median home value, $329,300.

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Home priceDown paymentInterest rateStarts at this week's national averageLoan termProperty taxA year, as a share of the price; about 1% is typical, varying widely by countyHome insurance a yearMortgage insurance (PMI)A year, on the loan, only below 20% downHOA dues a month

Monthly payment$2,229.05The answer

Monthly payment

$2,229.05

A $329,000 home with 20% down ($263,200 borrowed) at 7.18% over 30 years costs about $2,229 a month: $1,783 principal and interest plus $446 of tax, insurance and dues.

Principal and interest: $1,783.01
Tax, insurance, PMI and HOA: $446.04
Total interest over the loan: $378,683

Amortization by year: $263,200 at 7.18%

Year	Interest	Principal	Balance
1	$18,813.88	$2,582.22	$260,617.78
2	$18,622.25	$2,773.85	$257,843.93
3	$18,416.40	$2,979.70	$254,864.23
4	$18,195.28	$3,200.82	$251,663.41
5	$17,957.74	$3,438.36	$248,225.06
6	$17,702.58	$3,693.52	$244,531.54
7	$17,428.48	$3,967.62	$240,563.92
8	$17,134.04	$4,262.06	$236,301.86
9	$16,817.76	$4,578.35	$231,723.52
10	$16,477.99	$4,918.11	$226,805.41
11	$16,113.02	$5,283.08	$221,522.32
12	$15,720.96	$5,675.14	$215,847.18
13	$15,299.80	$6,096.30	$209,750.88
14	$14,847.39	$6,548.71	$203,202.17
15	$14,361.41	$7,034.69	$196,167.47
16	$13,839.36	$7,556.74	$188,610.73
17	$13,278.57	$8,117.53	$180,493.20
18	$12,676.16	$8,719.94	$171,773.26
19	$12,029.05	$9,367.05	$162,406.20
20	$11,333.92	$10,062.19	$152,344.02
21	$10,587.19	$10,808.91	$141,535.11
22	$9,785.06	$11,611.04	$129,924.07
23	$8,923.40	$12,472.70	$117,451.36
24	$7,997.79	$13,398.31	$104,053.05
25	$7,003.49	$14,392.61	$89,660.44
26	$5,935.41	$15,460.69	$74,199.75
27	$4,788.06	$16,608.04	$57,591.71
28	$3,555.57	$17,840.53	$39,751.18
29	$2,231.61	$19,164.49	$20,586.70
30	$809.41	$20,586.70	$0.00

Download the schedule (CSV)

This week's mortgage rates

Monthly payment in Minnesota by home price (20% down, 7%, 30 years, 1.02% tax, $2,000 insurance)

Home price	Principal and interest	Property tax	Total
$160,000	$852	$136	$1,154
$250,000	$1,331	$212	$1,710
$330,000	$1,756	$280	$2,203
$490,000	$2,608	$416	$3,191
$660,000	$3,513	$560	$4,240

How this calculator works

As the mortgage calculator, with Minnesota's effective property tax rate from the Census Bureau's American Community Survey 2020–2024 5-year estimates: median taxes $3,357 ÷ median value $329,300.

Questions people ask

What is the mortgage payment on a median home in Minnesota?

On $329,300 with 20% down at 7% over 30 years: about $1,753 principal and interest and $280 of property tax, $2,199 a month with $2,000 a year of insurance.

What is the median home value in Minnesota?

$329,300 for owner-occupied homes (Census American Community Survey 2020–2024 5-year estimates), against $332,700 nationally.

How much is property tax in Minnesota?

The effective rate is 1.02%, a median $3,357 a year. See Minnesota's property tax page for every county we cover.

How much income do I need for a median Minnesota home?

Under the 28% guideline, about $94,242 a year for the payment above; Minnesota's median household income is $89,062.

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Sources

Updated Sep 30, 2026 by the RateHerald team. The maths is tested against worked examples; report a problem.