Minnesota Mortgage Calculator 2026
Minnesota's Twin Cities metro is one of the most economically diverse and stable major metros in the Midwest, home to 19 Fortune 500 companies including Target, UnitedHealth Group, and 3M. The state's housing market has been relatively stable with steady appreciation and strong fundamentals.
Calculate Your Minnesota Mortgage Payment
Pre-filled with Minnesota averages — adjust any value to match your situation.
= $66,000 down
Estimated Monthly Payment Breakdown
Based on $330,000 home price, 20% down, 30-year fixed at 7.25%.
Minnesota Property Taxes & Income Tax
Minnesota's 1.12% property tax rate is close to the national average. The Homestead Market Value Exclusion reduces taxable market value for primary residences. Minnesota's income tax tops out at 9.85% — one of the highest in the nation. The Property Tax Refund program provides relief for homeowners with high taxes relative to income.
Minnesota Homeowners Insurance
Minnesota's insurance costs are moderate at $1,300–$1,700/year. The state faces significant winter storm risk including heavy snowfall, ice storms, and extreme cold. Severe thunderstorms and occasional tornadoes affect the southern part of the state. Budget $110–$145/month.
Minnesota Housing Market Overview
The Twin Cities metro offers a wide range of prices from affordable Minneapolis and St. Paul neighborhoods to premium suburbs like Edina, Minnetonka, and Wayzata. Rochester (Mayo Clinic) has a strong, stable market. Duluth has seen increased interest from remote workers. Much of greater Minnesota qualifies for USDA loans.
Frequently Asked Questions
What is the average mortgage payment in Minnesota?
Based on Minnesota's median home price of $330,000, a 20% down payment, and a 30-year fixed rate of 7.25%, the estimated total monthly payment (PITI) is approximately $2,234/month.
What is the conforming loan limit in Minnesota?
The conforming loan limit in Minnesota is $766,550. Loans above this amount are jumbo loans requiring stronger credit and larger down payments.
Can I get a USDA loan in Minnesota?
Yes — Minnesota has USDA-eligible rural areas where qualifying buyers can purchase a home with zero down payment. Use the USDA eligibility map to check specific addresses.
Are VA loans available in Minnesota?
Yes — eligible veterans, active-duty service members, and surviving spouses can use VA loans in Minnesota with no down payment and no PMI. The VA loan limit in Minnesota is $766,550.
Minnesota Loan Limits
Minnesota Homebuyer Programs
Below-market interest rate mortgages with optional down payment assistance for first-time homebuyers in Minnesota.
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