VA Loan Calculator — Minnesota
An eligible VA borrower can buy the typical Minnesota home ($351,000) with no down payment. The 2.15% first-use funding fee ($7,547) is rolled into a $358,547 loan, and there is no monthly mortgage insurance — saving about $157 a month versus FHA MIP on the same home.
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
$2,913
Principal & Interest + Taxes + Insurance · no mortgage insurance
APR 7.242%
Total Interest
$502,804
Total Cost
$1,048,522
Advanced Parameters
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
N/A
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $28,712 | $3,621 | $25,091 | — | $354,925 | -$3,925 |
| Year 2 | $28,712 | $3,884 | $24,828 | — | $351,041 | -$41 |
| Year 3 | $28,712 | $4,166 | $24,546 | — | $346,875 | $4,125 |
| Year 4 | $28,712 | $4,469 | $24,243 | — | $342,406 | $8,594 |
| Year 5 | $28,712 | $4,793 | $23,919 | — | $337,613 | $13,387 |
| Year 6 | $28,712 | $5,141 | $23,571 | — | $332,472 | $18,528 |
| Year 7 | $28,712 | $5,514 | $23,197 | — | $326,958 | $24,042 |
| Year 8 | $28,712 | $5,915 | $22,797 | — | $321,043 | $29,957 |
| Year 9 | $28,712 | $6,344 | $22,368 | — | $314,699 | $36,301 |
| Year 10 | $28,712 | $6,805 | $21,907 | — | $307,894 | $43,106 |
| Year 11 | $28,712 | $7,299 | $21,413 | — | $300,595 | $50,405 |
| Year 12 | $28,712 | $7,829 | $20,883 | — | $292,765 | $58,235 |
| Year 13 | $28,712 | $8,398 | $20,314 | — | $284,368 | $66,632 |
| Year 14 | $28,712 | $9,007 | $19,704 | — | $275,361 | $75,639 |
| Year 15 | $28,712 | $9,661 | $19,050 | — | $265,699 | $85,301 |
| Year 16 | $28,712 | $10,363 | $18,349 | — | $255,336 | $95,664 |
| Year 17 | $28,712 | $11,115 | $17,597 | — | $244,221 | $106,779 |
| Year 18 | $28,712 | $11,922 | $16,789 | — | $232,299 | $118,701 |
| Year 19 | $28,712 | $12,788 | $15,924 | — | $219,511 | $131,489 |
| Year 20 | $28,712 | $13,717 | $14,995 | — | $205,794 | $145,206 |
| Year 21 | $28,712 | $14,713 | $13,999 | — | $191,082 | $159,918 |
| Year 22 | $28,712 | $15,781 | $12,931 | — | $175,301 | $175,699 |
| Year 23 | $28,712 | $16,927 | $11,785 | — | $158,374 | $192,626 |
| Year 24 | $28,712 | $18,156 | $10,556 | — | $140,219 | $210,781 |
| Year 25 | $28,712 | $19,474 | $9,238 | — | $120,745 | $230,255 |
| Year 26 | $28,712 | $20,888 | $7,824 | — | $99,857 | $251,143 |
| Year 27 | $28,712 | $22,405 | $6,307 | — | $77,452 | $273,548 |
| Year 28 | $28,712 | $24,031 | $4,680 | — | $53,421 | $297,579 |
| Year 29 | $28,712 | $25,776 | $2,935 | — | $27,644 | $323,356 |
| Year 30 | $28,708 | $27,644 | $1,064 | — | $0 | $351,000 |
VA Loan numbers for Minnesota
- Typical Minnesota home value
- $351,000
- 0% down ($0) · Zillow, August 31, 2026
- Loan amount
- $358,547
- Includes $7,547 financed funding fee
- Estimated monthly payment
- $2,913
- APR 7.242%
- Minnesota property tax
- 1.00%
- $293/mo
- Homeowners insurance
- $2,729/yr
- $227/mo
- VA funding fee (first use)
- 2.15% · $7,547
- Financed; exempt with VA disability compensation
- Monthly savings vs FHA MIP
- $157/mo
- Same $351,000 home, FHA at 3.5% down
How much house can you afford in Minnesota with a va loan?
Highest price where principal, interest, Minnesota property tax and insurance, with the 2.15% VA funding fee financed and no monthly mortgage insurance stay within 28% of gross income —0% 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 | $122,000 | $0 | 35% |
| $75,000 | $1,750 | $199,000 | $0 | 57% |
| $100,000 | $2,333 | $275,000 | $0 | 78% |
| $125,000 | $2,917 | $351,000 | $0 | 100% |
| $150,000 | $3,500 | $427,000 | $0 | 122% |
| $200,000 | $4,667 | $580,000 | $0 | 165% |
| $250,000 | $5,833 | $732,000 | $0 | 209% |
VA 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 va loan in Minnesota?
Estimated $2,913 per month ($2,393 principal & interest, $293 property tax, $227 insurance) at 7.03% for 30 years, with 0% down. APR 7.242%.
How much is the VA funding fee on a $351,000 Minnesota home?
$7,547 (2.15%) for a first-time user with no down payment. Putting 5% down lowers it to 1.5%, and 10% down to 1.25%.
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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
- VA — Funding fee and closing costs
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.