Conventional Loan Calculator — Minnesota
In Minnesota, one-unit loans up to $832,750 are conforming. With 10% down on the typical $351,000 home, the $315,900 loan carries estimated PMI of 0.72% ($190/mo), which drops off after about 9 years once the balance reaches 80% of the price.
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.
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 |
Conventional Loan numbers for Minnesota
- Typical Minnesota home value
- $351,000
- 10% down ($35,100) · Zillow, August 31, 2026
- Loan amount
- $315,900
- conforming in all 87 Minnesota counties
- Estimated monthly payment
- $2,818
- APR 7.488%
- Minnesota property tax
- 1.00%
- $293/mo
- Homeowners insurance
- $2,729/yr
- $227/mo
- Minnesota conforming limit
- $832,750
- Above this, the loan is jumbo
- PMI
- 0.72% · $190/mo
- Drops off after 9 years
How much house can you afford in Minnesota with a conventional loan?
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% |
Conventional vs other loan types 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 payment on a $351,000 home with a conventional loan in Minnesota?
Estimated $2,818 per month ($2,108 principal & interest, $293 property tax, $227 insurance, $190 PMI) at 7.03% for 30 years, with 10% down. APR 7.488%.
How much is PMI on a Minnesota conventional loan?
At 90% loan-to-value, PMI is estimated at 0.72% a year ($190/mo). It can be removed once the balance reaches 80% of the home's original value.
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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
- 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
- CFPB — What is private mortgage insurance?
- Homeowners Protection Act (PMI cancellation at 78–80% LTV)
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.