Minneapolis, MN variant. This is a Minneapolis, MN-specific version of the Mortgage Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Mortgage Calculator.
Minneapolis's $320,000 median home and 1.36% property tax make for a distinctive mortgage payment. High-cost metros front-load the principal-and-interest portion.
Mortgage payment in Minneapolis
On the $320,000 median home with 20% down ($64,000), you'd finance $256,000. At 6.5% over 30 years, P&I ≈ $1,618/month.
Add Minneapolis's 1.36% property tax (≈ $363/month) plus insurance for the all-in payment.
About Minneapolis, MN
Minneapolis applies Minnesota state income and sales taxes.
Minneapolis offers moderate home prices for a major metro.
Minneapolis hosts numerous corporate headquarters across retail, food, and finance, with a cost of living above the national average.
Worked example: $320,000 Minneapolis home
Loan $256,000 at 6.5% for 30 years → $1,618/mo P&I. Property tax ≈ $363/mo. Total before insurance ≈ $1,981/mo.
Quick reference
- Median home value: $320,000
- Median rent: $1,700/mo
- Median household income: $76,332
- Local sales tax: 8.025%
- Effective property tax rate: 1.36%
- Cost of living index: 109 (US avg = 100)
Frequently Asked Questions
How much is a mortgage in Minneapolis?
About $1,618/month P&I on the $320,000 median home with 20% down at 6.5%.
What is the property tax rate in Minneapolis?
About 1.36% of home value per year.