Minnesota Mortgage Calculator

Mortgage is next to the only affordable option for low to average income home buyers in many parts of Minnesota and the rest of the United States. On this page we offer a convenient Minnesota home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Minnesota.

Mortgage details
Home price
Down payment
Loan term
Interest rate
Mortgage results
Total amount paid
Total principal & interest$0
Monthly payment$0
Total interest paid$0
Payoff dateDate
Print payments schedule

Detailed payment info

DatePaymentPrincipal PaidInterest PaidRemaining Balance

Today's Mortgage Rates Trends in Minnesota

Best mortgage lenders in Minnesota

The most popular mortgage lenders in Minnesota operate nationwide. These include such recognizable names as Rocket Mortgage, Change Home Mortgage, AmeriSave. Several lesser known but trustworthy options include Minnesota-based Minnesota Residential Mortgage Inc, First Class Mortgage Inc.

How to calculate mortgage payment in Minnesota

Try our quick calculator MN to evaluate your future monthly expenses. We'll break down the details step-by-step below.

Why and How to Use Our Mortgage Calculator

Use our house payment calculator Minnesota for thorough planning of your future spendings. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in Minnesota parameters.

The initial puzzle piece to consider is the home price – this represents the amount you intend to invest in your future property. The down payment, a portion of this price, is the sum you need to pay upfront. To avoid costly insurance, it's crucial to come up with a minimum of 20% down payment for a conventional loan. The remaining portion constitutes the principal, which is typically 80% of the home price when a 20% down payment is made.

The loan term signifies the period during which you will fully repay your mortgage through scheduled payments. Fixed-rate conforming loans typically have a maximum term of 30 years, while adjustable-rate options usually come with shorter terms.

The interest rate is a fixed or variable percentage of the principal that you are obligated to pay over the loan's duration. It's important to note that you are actually assessed an annual percentage rate (APR), which is not identical to the interest rate. While the interest rate constitutes the majority of the APR, the latter also encompasses various fees such as origination fees, closing costs, and insurance payments.

To provide a more precise assessment, the interest rate used for these calculations is determined based on the current mortgage rates in Minnesota, considering a $400,000 home price and a 10% down payment.

Median property taxes in Minnesota counties

Property tax is another crucial factor to consider when selecting your future home. Many lenders insist on setting up a mortgage escrow account to ensure that the borrower keeps up with tax and insurance costs.

County Avg. property tax rate Avg. home value
Aitkin County $783 $169,300
Anoka County $2,243 $229,900
Becker County $1,226 $182,100
Beltrami County $1,366 $153,100
Benton County $1,921 $162,600
Big Stone County $952 $97,000
Blue Earth County $1,461 $185,600
Brown County $1,257 $135,300
Carlton County $1,636 $162,800
Carver County $2,992 $315,500
Cass County $940 $178,700
Chippewa County $1,010 $104,500
Chisago County $2,511 $206,400
Clay County $1,464 $173,100
Clearwater County $1,040 $122,800
Cook County $1,016 $241,400
Cottonwood County $936 $89,400
Crow Wing County $1,186 $188,100
Dakota County $2,482 $266,000
Dodge County $1,629 $167,900
Douglas County $1,416 $197,200
Faribault County $773 $86,500
Fillmore County $1,217 $148,300
Freeborn County $1,127 $105,100
Goodhue County $2,002 $191,400
Grant County $1,167 $104,900
Hennepin County $2,831 $274,900
Houston County $1,419 $164,200
Hubbard County $1,251 $182,700
Isanti County $1,836 $172,900
Itasca County $906 $156,100
Jackson County $998 $114,100
Kanabec County $1,425 $147,200
Kandiyohi County $1,432 $167,000
Kittson County $691 $71,800
Koochiching County $641 $108,300
Lac qui Parle County $739 $81,100
Lake County $795 $165,800
Lake of the Woods County $1,102 $128,400
Le Sueur County $1,655 $190,700
Lincoln County $970 $95,300
Lyon County $1,411 $135,900
Mahnomen County $1,211 $97,300
Marshall County $688 $104,500
Martin County $800 $112,400
McLeod County $1,864 $150,400
Meeker County $1,483 $161,600
Mille Lacs County $1,661 $151,400
Morrison County $1,401 $159,100
Mower County $948 $114,700
Murray County $793 $107,700
Nicollet County $1,581 $178,000
Nobles County $922 $118,300
Norman County $870 $88,500
Olmsted County $1,891 $224,900
Otter Tail County $1,046 $170,900
Pennington County $1,086 $133,300
Pine County $1,222 $151,600
Pipestone County $761 $91,200
Polk County $1,354 $152,600
Pope County $1,218 $163,600
Ramsey County $2,345 $231,100
Red Lake County $893 $107,300
Redwood County $955 $97,400
Renville County $971 $100,100
Rice County $1,868 $205,300
Rock County $800 $133,600
Roseau County $1,190 $118,500
Scott County $2,828 $293,200
Sherburne County $2,184 $245,000
Sibley County $1,528 $142,800
Stearns County $1,182 $178,300
Steele County $1,625 $154,300
Stevens County $1,210 $150,800
St. Louis County $1,102 $157,500
Swift County $806 $102,100
Todd County $1,261 $141,000
Traverse County $763 $79,800
Wabasha County $1,545 $167,300
Wadena County $1,186 $118,900
Waseca County $1,488 $147,800
Washington County $2,553 $288,600
Watonwan County $891 $94,500
Wilkin County $840 $114,400
Winona County $1,502 $158,400
Wright County $2,080 $228,900
Yellow Medicine County $1,054 $99,100

Source: American Communities Survey 2016, U.S. Census

Minnesota Housing Market 2024

Over the past year, there has been a significant rise in the housing market's value in Minnesota, which is in line with a long-established trend that was further accelerated by the COVID pandemic. However, it's worth noting that the rate of growth has slowed compared to the previous year, and both purchase and refinance rates have been steadily climbing, with expectations of further increases in the near future.

How do I calculate my mortgage payment?

The most user-friendly approach to achieve this is by utilizing our calculator, which operates on a straightforward formula. You can also manually compute the amount to be paid using the same formula:

M = P*i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).

I = .0699 % / 12 = .005825%.

Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

So, you are going to pay about $4042 a month.

It is important to note that the calculated M value is approximate, as no extra fees are taken into account.

Tips for first-time home buyers in Minnesota

To begin, there exist several federal agencies (such as USDA, FHA, and VA) that provide loan guarantees to specific borrowers, offering many options that align with the budgets of first-time homebuyers.

In addition to these government-backed programs, it's worthwhile to explore opportunities provided by UHC (Minnesota Housing Corporation) for residents of Minnesota. Specifically, first-time homebuyers meeting the qualifications for an FHA loan with a minimum FICO score of 660 can apply for the FirstHome program. This program provides assistance with down payments and closing costs, covering up to 6% of the loan amount. It's important to note that this assistance is in the form of a 30-year-fixed-rate second loan. If you do not meet the requirements for the FirstHome program, there's another option: the Minnesota Housing Score Loan, which offers coverage of up to 4% and requires a minimum credit score of 620.

Here are some valuable tips for those embarking on their first homebuying journey:

  1. Obtain pre-approval in advance. This enhances your credibility in the eyes of potential home sellers. It's advisable to obtain pre-approval letters from multiple lenders, ideally two or three.
  2. Compare various mortgage rates by considering at least three different lenders. The more options you explore, the better your chances of finding the most favorable rate.
  3. Conduct preliminary calculations based on your pre-approved amount to plan your future expenses effectively.
  4. Save as much as possible for your down payment, and start saving early. A larger down payment reduces the principal amount, potentially lowering your overall expenses. Therefore, it's crucial to begin saving well in advance.
  5. If you are eligible for a VA loan, consider this as your primary option.
  6. Explore government-backed programs and local assistance initiatives. These programs may present enticing opportunities, so it's important not to overlook them.
  7. Whenever possible, work on paying off any existing debts to improve your financial standing.


How much house can I afford in Minnesota?

To see whether a given property is within the limits of your budget, you must know its value and the tentative loan terms. Feed these to the calculator on the current page. Don't forget to account for your other debts, as well. Most advisers suggest keeping your mortgage payment at less than 28% of your monthly income, with total debt under 36%.

What credit rating do I need to qualify for a mortgage loan in Minnesota?

There is no definitive answer to this question. For conventional loans, credit scores starting from 620 are generally satisfactory. However, the exact conditions vary widely and include other essential criteria, including your income, current debt amount etc. For government-backed FHA plans, there is no predefined threshold, and each lender has the right to set their own requirements. Typically, a credit score of 500 or better may qualify.

What is the average mortgage rate in Minnesota?

At the time of writing, the average rates for conventional fixed-rate mortgages are 7.4510% and 6.7060% for a 30-year and a 15-year loan term, respectively.