FHA Loan Calculator — Minnesota
On the typical Minnesota home ($351,000), 3.5% down leaves a $338,715 base loan. The 1.75% upfront premium ($5,928) is financed, for a $344,643 loan, and annual MIP of 0.55% adds $157 a month for the life of the loan. Minnesota FHA limits run $541,287–$832,750 by county.
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
$2,977
Principal & Interest + Taxes + Insurance
APR 7.761%
Total Interest
$483,311
Total Cost
$1,052,937
Advanced Parameters
FHA Mortgage Insurance Premium (MIP)
Annual MIP of 0.55% is billed monthly on the average balance of each loan year. With less than 10% down it lasts for the life of the loan; with 10% or more down it ends after 11 years. A 1.75% upfront premium is also added to the loan.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Full term
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | MIP | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $27,598 | $3,481 | $24,118 | $1,887 | $341,162 | $9,838 |
| Year 2 | $27,598 | $3,733 | $23,865 | $1,867 | $337,428 | $13,572 |
| Year 3 | $27,598 | $4,005 | $23,594 | $1,846 | $333,424 | $17,576 |
| Year 4 | $27,598 | $4,295 | $23,303 | $1,823 | $329,129 | $21,871 |
| Year 5 | $27,598 | $4,607 | $22,991 | $1,799 | $324,522 | $26,478 |
| Year 6 | $27,598 | $4,942 | $22,657 | $1,773 | $319,580 | $31,420 |
| Year 7 | $27,598 | $5,300 | $22,298 | $1,744 | $314,279 | $36,721 |
| Year 8 | $27,598 | $5,685 | $21,913 | $1,714 | $308,594 | $42,406 |
| Year 9 | $27,598 | $6,098 | $21,500 | $1,682 | $302,496 | $48,504 |
| Year 10 | $27,598 | $6,541 | $21,057 | $1,647 | $295,955 | $55,045 |
| Year 11 | $27,598 | $7,016 | $20,582 | $1,610 | $288,939 | $62,061 |
| Year 12 | $27,598 | $7,525 | $20,073 | $1,570 | $281,414 | $69,586 |
| Year 13 | $27,598 | $8,072 | $19,527 | $1,528 | $273,342 | $77,658 |
| Year 14 | $27,598 | $8,658 | $18,941 | $1,482 | $264,684 | $86,316 |
| Year 15 | $27,598 | $9,286 | $18,312 | $1,433 | $255,398 | $95,602 |
| Year 16 | $27,598 | $9,961 | $17,638 | $1,380 | $245,437 | $105,563 |
| Year 17 | $27,598 | $10,684 | $16,914 | $1,323 | $234,753 | $116,247 |
| Year 18 | $27,598 | $11,460 | $16,139 | $1,263 | $223,293 | $127,707 |
| Year 19 | $27,598 | $12,292 | $15,306 | $1,197 | $211,002 | $139,998 |
| Year 20 | $27,598 | $13,184 | $14,414 | $1,128 | $197,817 | $153,183 |
| Year 21 | $27,598 | $14,142 | $13,457 | $1,053 | $183,676 | $167,324 |
| Year 22 | $27,598 | $15,168 | $12,430 | $972 | $168,507 | $182,493 |
| Year 23 | $27,598 | $16,270 | $11,328 | $886 | $152,237 | $198,763 |
| Year 24 | $27,598 | $17,451 | $10,147 | $794 | $134,786 | $216,214 |
| Year 25 | $27,598 | $18,718 | $8,880 | $695 | $116,068 | $234,932 |
| Year 26 | $27,598 | $20,078 | $7,521 | $588 | $95,990 | $255,010 |
| Year 27 | $27,598 | $21,535 | $6,063 | $474 | $74,455 | $276,545 |
| Year 28 | $27,598 | $23,099 | $4,499 | $352 | $51,356 | $299,644 |
| Year 29 | $27,598 | $24,776 | $2,822 | $221 | $26,580 | $324,421 |
| Year 30 | $27,603 | $26,580 | $1,023 | $80 | $0 | $351,000 |
FHA Loan numbers for Minnesota
- Typical Minnesota home value
- $351,000
- 3.5% down ($12,285) · Zillow, August 31, 2026
- Loan amount
- $344,643
- Includes $5,928 financed UFMIP
- Estimated monthly payment
- $2,977
- APR 7.761%
- Minnesota property tax
- 1.00%
- $293/mo
- Homeowners insurance
- $2,729/yr
- $227/mo
- Upfront MIP (1.75%)
- $5,928
- Financed into the loan
- Annual MIP
- 0.55%
- $157/mo in year 1 · life of loan
- Minnesota FHA loan limit
- $541,287 – $832,750
- One-unit, by county
How much house can you afford in Minnesota with an fha loan?
Highest price where principal, interest, Minnesota property tax, insurance and FHA mortgage insurance (1.75% upfront premium financed, 0.55% annual MIP) stay within 28% of gross income —3.5% 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 |
|---|---|---|---|---|
| $40,000 | $933 | $90,000 | $3,150 | 26% |
| $50,000 | $1,167 | $119,000 | $4,165 | 34% |
| $60,000 | $1,400 | $149,000 | $5,215 | 42% |
| $75,000 | $1,750 | $194,000 | $6,790 | 55% |
| $100,000 | $2,333 | $268,000 | $9,380 | 76% |
| $125,000 | $2,917 | $343,000 | $12,005 | 98% |
| $150,000 | $3,500 | $417,000 | $14,595 | 119% |
FHA 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 an fha loan in Minnesota?
Estimated $2,977 per month ($2,300 principal & interest, $293 property tax, $227 insurance, $157 FHA mortgage insurance) at 7.03% for 30 years, with 3.5% down. APR 7.761%.
What is the FHA loan limit in Minnesota for 2026?
Between $541,287 and $832,750 depending on the county for a one-unit home. $541,287 is the national FHA floor; counties with higher home prices get higher limits. Check your exact county on HUD's FHA mortgage limits lookup.
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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
- HUD Mortgagee Letter 2023-05 (annual MIP schedule)
- HUD — FHA single family housing policy handbook 4000.1
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.