Minnesota Mortgage Calculator
Minnesota has the 17th-highest effective property tax rate of the 50 states at 1.00% — $316 more a year than the 0.91% state average on a $351,000 home. Homeowners insurance averages $2,729 a year, the 22nd-highest premium nationally and $9 more than the typical state.
All 87 Minnesota counties use the $832,750 baseline conforming limit for 2026, so any one-unit loan above it is a jumbo loan. FHA limits run from $541,287 to $832,750 by county.
On a $351,000 home, property tax and insurance add $520 a month in Minnesota, compared with $518 in North Dakota, $537 in Wisconsin, $606 in South Dakota, $631 in Iowa.
Loan Parameters
Total Monthly Payment
$2,818
Principal & Interest + Taxes + Insurance
APR 7.488%
Total Interest
$443,000
Total Cost
$965,026
Advanced Parameters
Private Mortgage Insurance (PMI)
Your down payment is below 20%. PMI is estimated at 0.72% annually and is removed here when your LTV reaches 80%.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Feb 2035
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $25,297 | $3,190 | $22,106 | $2,274 | $312,710 | $38,290 |
| Year 2 | $25,297 | $3,422 | $21,875 | $2,274 | $309,287 | $41,713 |
| Year 3 | $25,297 | $3,671 | $21,626 | $2,274 | $305,617 | $45,383 |
| Year 4 | $25,297 | $3,937 | $21,360 | $2,274 | $301,680 | $49,320 |
| Year 5 | $25,297 | $4,223 | $21,074 | $2,274 | $297,457 | $53,543 |
| Year 6 | $25,297 | $4,530 | $20,767 | $2,274 | $292,927 | $58,073 |
| Year 7 | $25,297 | $4,859 | $20,438 | $2,274 | $288,069 | $62,931 |
| Year 8 | $25,297 | $5,211 | $20,085 | $2,274 | $282,857 | $68,143 |
| Year 9 | $25,297 | $5,590 | $19,707 | $758 | $277,268 | $73,732 |
| Year 10 | $25,297 | $5,996 | $19,301 | — | $271,272 | $79,728 |
| Year 11 | $25,297 | $6,431 | $18,866 | — | $264,841 | $86,159 |
| Year 12 | $25,297 | $6,898 | $18,399 | — | $257,943 | $93,057 |
| Year 13 | $25,297 | $7,399 | $17,898 | — | $250,545 | $100,455 |
| Year 14 | $25,297 | $7,936 | $17,361 | — | $242,609 | $108,391 |
| Year 15 | $25,297 | $8,512 | $16,785 | — | $234,097 | $116,903 |
| Year 16 | $25,297 | $9,130 | $16,167 | — | $224,967 | $126,033 |
| Year 17 | $25,297 | $9,793 | $15,504 | — | $215,173 | $135,827 |
| Year 18 | $25,297 | $10,504 | $14,793 | — | $204,669 | $146,331 |
| Year 19 | $25,297 | $11,267 | $14,030 | — | $193,402 | $157,598 |
| Year 20 | $25,297 | $12,085 | $13,212 | — | $181,317 | $169,683 |
| Year 21 | $25,297 | $12,962 | $12,334 | — | $168,355 | $182,645 |
| Year 22 | $25,297 | $13,904 | $11,393 | — | $154,451 | $196,549 |
| Year 23 | $25,297 | $14,913 | $10,384 | — | $139,538 | $211,462 |
| Year 24 | $25,297 | $15,996 | $9,301 | — | $123,542 | $227,458 |
| Year 25 | $25,297 | $17,158 | $8,139 | — | $106,384 | $244,616 |
| Year 26 | $25,297 | $18,403 | $6,893 | — | $87,981 | $263,019 |
| Year 27 | $25,297 | $19,740 | $5,557 | — | $68,241 | $282,759 |
| Year 28 | $25,297 | $21,173 | $4,124 | — | $47,068 | $303,932 |
| Year 29 | $25,297 | $22,710 | $2,586 | — | $24,358 | $326,642 |
| Year 30 | $25,296 | $24,358 | $937 | — | $0 | $351,000 |
Minnesota mortgage data
- Typical home value
- $350,752
- Zillow ZHVI, August 31, 2026 (U.S. $368,697)
- Effective property tax rate
- 1.00%
- $3,510/yr on a $351,000 home
- Average homeowners insurance
- $2,729/yr
- $227/mo
- 2026 conforming loan limit
- $832,750
- 87 counties
- High-cost counties
- 0
- None — baseline limit statewide
- 2026 FHA loan limit (1-unit)
- $541,287 – $832,750
- Varies by county — confirm on HUD
- Current 30-yr / 15-yr fixed average
- 7.03% / 6.42%
- Freddie Mac PMMS, September 24, 2026
How much house can you afford in Minnesota?
Highest price where principal, interest, Minnesota property tax, insurance and PMI stay within 28% of gross income —10% down, 30-year fixed at 7.03%. Other debts lower these numbers.
| Household income | Housing budget / mo | Max home price | Down payment | vs typical home |
|---|---|---|---|---|
| $50,000 | $1,167 | $127,000 | $12,700 | 36% |
| $75,000 | $1,750 | $206,000 | $20,600 | 59% |
| $100,000 | $2,333 | $285,000 | $28,500 | 81% |
| $125,000 | $2,917 | $364,000 | $36,400 | 104% |
| $150,000 | $3,500 | $443,000 | $44,300 | 126% |
| $200,000 | $4,667 | $601,000 | $60,100 | 171% |
| $250,000 | $5,833 | $759,000 | $75,900 | 216% |
Minnesota mortgage payment by loan amount
30-year fixed at 7.03%, 20% down, with Minnesota property tax and insurance on the matching home price.
| Loan amount | P&I | Total / month | Income needed | Loan type |
|---|---|---|---|---|
| $150,000 mortgage | $1,001 | $1,385 | $60,000 | Conforming |
| $175,000 mortgage | $1,168 | $1,578 | $68,000 | Conforming |
| $200,000 mortgage | $1,335 | $1,770 | $76,000 | Conforming |
| $225,000 mortgage | $1,501 | $1,963 | $85,000 | Conforming |
| $250,000 mortgage | $1,668 | $2,156 | $93,000 | Conforming |
| $275,000 mortgage | $1,835 | $2,349 | $101,000 | Conforming |
| $300,000 mortgage | $2,002 | $2,542 | $109,000 | Conforming |
| $325,000 mortgage | $2,169 | $2,735 | $118,000 | Conforming |
| $350,000 mortgage | $2,336 | $2,928 | $126,000 | Conforming |
| $375,000 mortgage | $2,502 | $3,120 | $134,000 | Conforming |
| $400,000 mortgage | $2,669 | $3,313 | $143,000 | Conforming |
| $425,000 mortgage | $2,836 | $3,506 | $151,000 | Conforming |
| $450,000 mortgage | $3,003 | $3,699 | $159,000 | Conforming |
| $475,000 mortgage | $3,170 | $3,892 | $167,000 | Conforming |
| $500,000 mortgage | $3,337 | $4,085 | $176,000 | Conforming |
| $525,000 mortgage | $3,503 | $4,278 | $184,000 | Conforming |
| $550,000 mortgage | $3,670 | $4,471 | $192,000 | Conforming |
| $575,000 mortgage | $3,837 | $4,663 | $200,000 | Conforming |
| $600,000 mortgage | $4,004 | $4,856 | $209,000 | Conforming |
| $625,000 mortgage | $4,171 | $5,049 | $217,000 | Conforming |
| $650,000 mortgage | $4,338 | $5,242 | $225,000 | Conforming |
| $675,000 mortgage | $4,504 | $5,435 | $233,000 | Conforming |
| $700,000 mortgage | $4,671 | $5,628 | $242,000 | Conforming |
| $725,000 mortgage | $4,838 | $5,821 | $250,000 | Conforming |
| $750,000 mortgage | $5,005 | $6,014 | $258,000 | Conforming |
| $775,000 mortgage | $5,172 | $6,206 | $266,000 | Conforming |
| $800,000 mortgage | $5,339 | $6,399 | $275,000 | Conforming |
| $825,000 mortgage | $5,505 | $6,592 | $283,000 | Conforming |
| $850,000 mortgage | $5,672 | $6,785 | $291,000 | Jumbo |
| $875,000 mortgage | $5,839 | $6,978 | $300,000 | Jumbo |
| $900,000 mortgage | $6,006 | $7,171 | $308,000 | Jumbo |
| $925,000 mortgage | $6,173 | $7,364 | $316,000 | Jumbo |
| $950,000 mortgage | $6,340 | $7,557 | $324,000 | Jumbo |
| $975,000 mortgage | $6,506 | $7,749 | $333,000 | Jumbo |
| $1,000,000 mortgage | $6,673 | $7,942 | $341,000 | Jumbo |
| $1,100,000 mortgage | $7,341 | $8,714 | $374,000 | Jumbo |
| $1,200,000 mortgage | $8,008 | $9,485 | $407,000 | Jumbo |
| $1,300,000 mortgage | $8,675 | $10,257 | $440,000 | Jumbo |
| $1,400,000 mortgage | $9,342 | $11,028 | $473,000 | Jumbo |
| $1,500,000 mortgage | $10,010 | $11,800 | $506,000 | Jumbo |
Loan programs compared in Minnesota
$351,000 home, each program's typical minimum or default down payment, current average 30-year rate.
| Loan type | Down | Loan amount | Upfront fee | Monthly MI | Total / month | APR |
|---|---|---|---|---|---|---|
| Conventional | 10% · $35,100 | $315,900 | — | $190 PMI | $2,818 | 7.488% |
| FHA | 3.5% · $12,285 | $344,643 | UFMIP $5,928 | $157 MIP | $2,977 | 7.761% |
| VA | 0% · $0 | $358,547 | Funding fee $7,547 | $0 | $2,913 | 7.242% |
| JumboLoan is conforming (≤ $832,750) | 20% · $70,200 | $280,800 | — | $0 | $2,394 | 7.030% |
Frequently asked questions
What is the monthly mortgage payment on a $351,000 home in Minnesota?
$351,000 is the typical Minnesota home value. With 10% down on a conventional loan, the estimated payment is $2,818 per month ($2,108 principal & interest, $293 property tax, $227 insurance, $190 PMI) at 7.03% for 30 years, including Minnesota's 1.00% effective property tax rate.
What is the 2026 conforming loan limit in Minnesota?
$832,750 for a one-unit home in all 87 counties. Larger loans are jumbo loans.
How much income do I need for a $351,000 home in Minnesota?
About $121,000 a year if housing costs stay within 28% of gross income — a common lender guideline. Lenders also look at total debt-to-income, usually capped around 43%–50%.
How much house can I afford in Minnesota on a $100,000 salary?
About $285,000 with 10% down, keeping the payment (including Minnesota property tax, insurance and PMI) within 28% of gross income at 7.03%. The typical Minnesota home ($350,752) needs roughly $121,000 a year.
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Data sources & assumptions
- Freddie Mac Primary Mortgage Market Survey (PMMS) — Weekly average as of September 24, 2026
- Zillow Home Value Index (ZHVI), typical home value, all homes — Default home prices; typical value as of August 31, 2026
- FHFA 2026 Conforming Loan Limit Values (one-unit) — 2026 one-unit limits, 56 states & territories
- HUD FHA Mortgage Limits lookup — FHA floor $541,287; high-cost counties follow the conforming limit — confirm on HUD
- Effective statewide property tax rate (Tax Foundation, 2026 projections) — Statewide effective rate; county rates vary
- Average annual homeowners premium, $300K dwelling / $1K deductible (industry survey averages) — Statewide average premium
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.