Mortgage for Minnesota (2026)
Minnesota (MN) Key Facts
Median Home Price
$330,000
Average Property Tax Rate
1.12%
Average Home Insurance Rate
0.6%
Estimated Monthly Payment
$2,399
First Time Buyer Programs
2
How This Calculator Works in Minnesota
This mortgage calculator lets you estimate your monthly payment on a Minnesota home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Minnesota's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
Minnesota Overview
Minnesota has a median home price of approximately $330K, with an average property tax rate of 1.12% and homeowners insurance averaging 0.6% annually. Deed tax of 0.33%. Minnesota Housing Start Up and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Minnesota Compares
Compared to neighboring states, Minnesota's median home price of $330,000 is below the national median of about $420,000. Nearby Wisconsin has a median price of $270,000 with a 1.85% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| Wisconsin | $270,000 | Median home price is $270,000 with a 1.85% property tax rate. Estimated monthly mortgage payment is about $2,116. |
| Iowa | $210,000 | Median home price is $210,000 with a 1.57% property tax rate. Estimated monthly mortgage payment is about $1,597. |
| North Dakota | $250,000 | Median home price is $250,000 with a 0.98% property tax rate. Estimated monthly mortgage payment is about $1,809. |
The median home price in Minnesota is $330,000, compared to the national median of approximately $420,000. With a 1.12% average property tax rate and 0.6% insurance rate, Minnesota homeowners can expect an estimated monthly payment of about $2,399 on a median-priced home with 10% down at 6.75% interest.
Tips for Minnesota Residents
- 1Minnesota has a median home price around $330K. Deed tax of 0.33%. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Minnesota average 1.12%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore Minnesota Housing Start Up & Step Up for potential down payment assistance and favorable rates. Minnesota also offers Minnesota Housing Step Up Program. Check income limits and eligibility early in your home search.
- 4Budget for higher heating costs; deed and mortgage taxes add to closing costs. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5Strong Twin Cities market. A 0.25% rate difference on a $330K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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