Calculate Your Minnesota Mortgage Payment
Our calculator is pre-filled with Minnesota's median home price and property tax rate. Adjust the numbers to match your situation.
Open Calculator with MN DefaultsMonthly Payment Breakdown for Minnesota
Here's what your monthly payment looks like on the median Minnesota home ($365,000) with 20% down at 6.5%:
Note: This estimate assumes 20% down payment ($73,000), no PMI. With less than 20% down, add $122-$243/month for PMI.
Minnesota Property Taxes
Minnesota's effective property tax rate is 1.02%, which is above the national average of 0.89%.
Annual Property Tax on $365,000 Home
$3,723
($310/month escrowed)
Buying a Home in Minnesota: Key Facts
- Property tax rate of 1.02% is close to national average
- Market Value Exclusion reduces taxable value for homes under $413,000
- Twin Cities metro accounts for over 60% of state population
- Minnesota Housing Start Up offers up to $18,000 in assistance
Mortgage Calculators for Nearby States
Comparing homes across state lines? Check property taxes and home prices in neighboring states:
Minnesota First-Time Homebuyer Programs
Minnesota has 55 homebuyer assistance programs that can help with down payment and closing costs.
Minnesota Housing Start Up Program
Below-market rates with up to $18,000 down payment loan
Deferred LoanMinnesota Housing Step Up
For repeat buyers, up to $15,000 in assistance
Deferred LoanMortgage Credit Certificate
Up to 35% of mortgage interest as annual tax credit
Tax CreditEligibility requirements typically include income limits, credit score minimums (usually 620+), and homebuyer education courses. Visit DownPaymentResource.com to search for programs you may qualify for.
Major Cities in Minnesota
Home prices and property taxes can vary significantly by city. The median home price of $365,000 is a statewide average.
Minnesota Mortgage FAQ
What is the property tax rate in Minnesota?
The average effective property tax rate in Minnesota is 1.02%. On a $365,000 home, that's approximately $3,723 per year or $310 per month added to your mortgage payment.
What is the median home price in Minnesota?
The median home price in Minnesota is $365,000 as of January 2026. Prices vary by location - Minneapolis and Saint Paul typically have higher prices than rural areas.
Are there first-time homebuyer programs in Minnesota?
Yes, Minnesota has 55 homebuyer assistance programs. Popular options include Minnesota Housing Start Up Program, which offers below-market rates with up to $18,000 down payment loan.
How much do I need to buy a house in Minnesota?
For the median Minnesota home ($365,000), you'd need $73,000 for a 20% down payment, plus $10,950-$18,250 for closing costs. With down payment assistance, you could potentially buy with as little as $12,775 (3.5% FHA down payment).
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Use our free mortgage calculator with Minnesota property taxes pre-filled.
Calculate Your MN Mortgage Payment