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Mortgage Calculator Minnesota — 2026 Payment Estimates
Pre-filled with Minnesota's estimated median home price of $345,000 and 1.09% effective property tax rate. Adjust any input for your specific situation. All calculations run in your browser.
Reviewed for accuracy June 2026 by Gary Sing
Median home price
$345,000
Monthly P&I (30yr)
$1,744.51
Property tax/month
$313.38
Est. total PITI/month
$2,187.26
Optional — unlocks affordability analysis
Enter gross income to check affordability
At the 28% front-end guideline, this payment requires ~$74,765/year in gross income. The monthly shown is principal and interest only — add ~$26 for taxes, insurance.
- ›A 15-year term saves $195,257 in total interest but raises the payment by $660/month
- ›Total interest ($352,023) exceeds the loan itself ($276,000) — every extra principal payment saves its full remaining interest
⚡ Total interest ($352,023) exceeds the loan principal — consider extra principal payments or a shorter term
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Minnesota mortgage payment scenarios — $345,000 home at 6.5%
Monthly P&I and estimated total PITI (principal, interest, tax, insurance) at three down payment levels. Property tax uses Minnesota's 1.09% effective rate; insurance estimated at 0.45% of home value annually.
| Down payment | Down amount | P&I (30yr) | P&I (15yr) | Total PITI (30yr) |
|---|---|---|---|---|
| 10% down | $34,500 | $1,962.57 | $2,704.79 | $2,405.32 |
| 15% down | $51,750 | $1,853.54 | $2,554.52 | $2,296.29 |
| 20% down | $69,000 | $1,744.51 | $2,404.26 | $2,187.26 |
P&I only (30yr and 15yr). PITI adds property tax (1.09%) and estimated homeowners insurance (0.45% annually). Does not include PMI — required when down payment is below 20%.
Property tax and insurance in Minnesota
Minnesota's 1.09% effective property tax rate is near the national average — moderate relative to comparable upper-Midwest markets like Wisconsin.
Minnesota property tax
Effective rate: 1.09%. On a $345,000 home, annual property taxes are approximately $3,761 — or $313.38/month. Many lenders collect this monthly into an escrow account.
Homeowners insurance
Estimated at 0.45% of home value annually — roughly $129.37/month on a $345,000 home. Rates vary by coverage, age of home, and local risk factors. Get quotes from multiple insurers before closing.
PMI (if under 20% down)
Private Mortgage Insurance is required on conventional loans with less than 20% down, typically costing 0.5–1.5% of the loan amount per year. On a $276,000 loan, PMI adds roughly $207.00–$345.00/month.
Income needed
The 28% front-end DTI guideline requires approximately $93,740/year in gross income to qualify for the median Minnesota home with 20% down. This is principal, interest, tax, and insurance — not counting other debt.
Minnesota housing market 2026
Minneapolis–Saint Paul is a stable, well-supplied market with broad-based employment across healthcare, financial services, and consumer goods. Minnesota's lake country and north woods areas have separate demand dynamics driven by recreational buyers.
Key numbers for Minnesota buyers
- Median home price: $345,000 (2026 estimate)
- Down payment (20%): $69,000
- Loan amount (80% LTV): $276,000
- Monthly P&I at 6.5% / 30yr: $1,744.51
- Est. PITI (with tax + insurance): $2,187.26/month
- Income needed (28% DTI): $93,740/year
Compare mortgage payments by state
📍 California
Median $750,000 · ~$3,793/mo P&I · 0.73% tax
📍 Texas
Median $315,000 · ~$1,593/mo P&I · 1.6% tax
📍 Florida
Median $405,000 · ~$2,048/mo P&I · 0.89% tax
📍 New York
Median $415,000 · ~$2,099/mo P&I · 1.4% tax
📍 Georgia
Median $325,000 · ~$1,643/mo P&I · 0.83% tax
📍 Arizona
Median $365,000 · ~$1,846/mo P&I · 0.6% tax
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Mortgage calculator Minnesota — frequently asked questions
What is the average mortgage payment in Minnesota?
Based on Minnesota's median home price of $345,000, a 30-year mortgage at 6.5% with 20% down produces a monthly principal and interest payment of $1,744.51. Adding property tax (~$313.38/month at 1.09%) and homeowners insurance (~$129.37/month) gives an estimated total PITI of approximately $2,187.26/month.
What is the median home price in Minnesota in 2026?
The estimated median home price in Minnesota in 2026 is approximately $345,000. Prices vary significantly by metro area — use this as a benchmark and enter the specific price you are evaluating in the calculator above.
How much income do I need to afford a house in Minnesota?
Using the 28% front-end DTI guideline, an estimated total monthly payment (PITI) of $2,187.26 on the median Minnesota home requires approximately $93,740/year in gross income. This assumes 20% down, 6.5% rate, 30-year term, and 1.09% property tax.
What are property taxes in Minnesota?
Minnesota's effective property tax rate is approximately 1.09%. On a $345,000 home, that is roughly $313.38/month or $3,761/year. Minnesota's 1.09% effective property tax rate is near the national average — moderate relative to comparable upper-Midwest markets like Wisconsin.
Is a 15-year or 30-year mortgage better in Minnesota?
At 6.5% on a $345,000 home with 20% down: the 30-year P&I is $1,744.51/month; the 15-year P&I is $2,404.26/month — $659.75/month more. The 15-year saves $195,257 in total interest. If the higher payment is affordable, the 15-year is almost always the better long-term financial choice.