Typical Minnesota mortgage payment
The median home price in Minnesota is roughly $340,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,689 | $1,825 |
| 5.50% | $2,778 | $1,930 |
| 6.00% | $2,869 | $2,038 |
| 6.50% | $2,962 | $2,149 |
| 7.00% | $3,056 | $2,262 |
| 7.50% | $3,152 | $2,377 |
| 8.00% | $3,249 | $2,495 |
| 8.50% | $3,348 | $2,614 |
| 9.00% | $3,449 | $2,736 |
| 9.50% | $3,550 | $2,859 |
| 10.00% | $3,654 | $2,984 |
What a Minnesota mortgage really costs (PITI)
Principal & interest alone would run about $2,149/month at 6.50% over 30 years. But Minnesota's property tax - roughly 1.12% of home value per year here - adds about $317/month, and estimated homeowners insurance adds around $99/month. Your real total monthly payment (PITI) on a $340,000 Minnesota home is closer to $2,566/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $109,951/year. A 20% down payment here is $68,000.
Minnesota vs. its neighbors
Of Minnesota and its neighbors, Iowa has the lowest estimated total monthly payment - about $823 less per month than Minnesota.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Iowa | $220,000 | 1.57% | $1,743/mo |
| North Dakota | $260,000 | 0.98% | $1,932/mo |
| Wisconsin | $290,000 | 1.85% | $2,365/mo |
| South Dakota | $290,000 | 1.24% | $2,217/mo |
| Minnesota (this page) | $340,000 | 1.12% | $2,566/mo |
What affects your Minnesota payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.