Minnesota variant. This is a Minnesota-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.
With a median home value of $340,000 and an effective property tax rate of 1.05%, a typical Minnesota mortgage payment combines principal, interest, taxes, and insurance into a meaningfully different number than the sticker price suggests.
What drives a Minnesota mortgage payment
On the $340,000 median home with 20% down ($68,000), you'd finance about $272,000. At an illustrative 6.5% 30-year fixed rate, the principal-and-interest payment is roughly $1,719/month.
Minnesota's 1.05% effective property tax adds about $298/month, and homeowners insurance plus any PMI push the all-in payment higher still. Enter your real price, rate, and down payment above for an exact figure.
About taxes and housing in Minnesota
Minnesota has a graduated income tax with a high top rate approaching 10%.
Minnesota property taxes are near the national average and include a state-funded homestead credit refund for eligible owners.
Minnesota hosts an unusually large number of Fortune 500 headquarters and has a diverse economy spanning healthcare, retail, and agriculture.
Worked example: $340,000 home in Minnesota
Price $340,000, 20% down ($68,000), loan $272,000 at 6.5% for 30 years → P&I ≈ $1,719/mo. Add property tax ≈ $298/mo (1.05% of value ÷ 12). Total before insurance ≈ $2,017/mo.
Quick reference
- State income tax: 5.35-9.85% across 4 brackets
- State sales tax: 6.875% (plus 1.17% avg local)
- Median home value: $340,000
- Median household income: $84,313
- Effective property tax rate: 1.05%
- Avg auto insurance: $1,500/yr
Frequently Asked Questions
How much is a mortgage on a $340,000 Minnesota home?
With 20% down at 6.5% over 30 years, principal and interest run about $1,719/month, before Minnesota's 1.05% property tax and insurance.
What is the property tax rate in Minnesota?
Minnesota's effective property tax rate is about 1.05% of home value per year.