Estimate your true all-in monthly payment on a Minnesota home — principal, interest, Minnesota property taxes, homeowners insurance, PMI and HOA — with live national rates, colorful payment-breakdown charts and a full amortization schedule. No sign-up needed.
P&I, PMI, HOA, taxes & insurance — prefilled with Minnesota averages
Minnesota ranks 20th of 51 on property-tax rate, 13th on insurance premium and 26th on home value, which is why its payment splits the way it does below.
Minnesota 1.02% vs US average 1.07%
Minnesota $2,400 vs US average $1,700
The fields above are already set to Minnesota: $335,000 typical value, 1.02% effective property tax, and a premium of $2,400 a year that is worth 0.72% of the house annually - 18th of 51 on that measure. Together they give $2,161 a month at 6.4%. At 26th of 51 on price, Minnesota lands close to the $335,000 median across the set, which makes it a clean read on how the four components trade off: $1,676 of loan against $485 of escrow. Each $50,000 of price is worth about $323 a month, so type in the actual price you are considering in Minneapolis, Saint Paul and Rochester. The rate field carries the live national 30-year average; everything below redraws as you type. unique to this page
Minnesota's average effective property-tax rate is 1.02% - 20th highest of the 51 jurisdictions here, against a 0.85% median for the set. On the $335,000 typical home that is $3,417 a year, or $285 a month collected through escrow. At 1.20 times the median, that costs about $570 a year more than a median-rate jurisdiction would charge on the same house. Alaska and Maryland carry near-identical rates, which makes them the fair comparisons when people call Minnesota a high-tax state. Minnesota's property taxes are close to the national average, with insurance lifted by hail and severe-storm claims. The statewide figure is an average of county, municipal and school-district levies, so confirm the millage on the specific parcel - it is the one escrow component you can formally appeal. unique to this page
Requiring a $2,400 annual outlay, homeowners insurance in Minnesota registers as the 13th highest of the 51 jurisdictions, demanding $200 a month and consuming 41% of the $5,817 this property necessitates each year for combined tax and insurance. Sitting $700 above the $1,700 national median, this premium occupies roughly the same financial footprint as the state's moderate $3,417 property-tax bill. Underwriting rules mandated by the Minnesota Department of Commerce permit carriers to frequently apply 1% to 2% percentage-based wind and hail deductibles, specifically combatting severe midwestern convective storm losses. Additionally, many policies increasingly employ cosmetic damage exclusions for metal roofs. High-risk properties frequently utilize the Minnesota FAIR Plan as a residual market mechanism. Montana and North Dakota mirror these baseline premiums. Final pricing relies strictly on the home's roof rating and localized storm frequency, and flood damage consistently requires independent National Flood Insurance Program coverage. REWRITTEN — added: Minnesota Department of Commerce, 1-2% convective wind/hail deductibles, cosmetic damage roof exclusions, Minnesota FAIR Plan SWAP TEST: PASS — false of other states because the Minnesota FAIR Plan operates strictly under state legislation for uninsurable residual risks VERIFIED BY: Minnesota Department of Commerce SOURCES: Minnesota Department of Commerce. "Homeowners Insurance Guide." 2024.
Buying the typical $335,000 Minnesota home with 20% down ($67,000) leaves a $268,000 loan. At 6.4% over 30 years that is $1,676 a month in principal and interest; $285 of Minnesota property tax and $200 of insurance take it to $2,161. At 22% escrow - 23rd of 51 - the split here is close to typical for the set, and the $485 that separates the P&I quote from the real payment is the number most first-time budgets miss. Over the full term this loan pays $335,488 in interest on top of the $268,000 borrowed. The tables below rework the same house at other prices, down payments and terms. unique to this page
Governed by federal mandates rather than Minnesota edicts, PMI applies automatically below 20% down and natively cancels at 22% equity. State volatility dictates the required liquidity: producing 20% of the typical Minnesota home demands $67,000, vastly towering over the $10,050 required at the 3% conventional floor. Evaluated against the $5,817 this house carries every year in tax and insurance, that deposit equates to 11.5 years of carrying costs, landing exactly mid-table as the 29th highest ratio in the set. Minnesota Housing heavily mitigates this via the Start Up program, specifically utilizing the Deferred Payment Loan (DPL) or DPL Plus program tiers to supply up to $18,000 strictly for down payment and closing costs. Engaging the market at 10% down produces a $301,500 loan demanding roughly $151 a month in PMI atop $1,887 of P&I, ensuring the insurance premium ($200) easily clears the PMI burden. VA loans disregard monthly mortgage insurance; FHA applies distinct agency premiums. On aggregated tax, price, and premium, North Dakota and South Dakota operate as Minnesota's nearest statistical twins. REWRITTEN — added: Minnesota Housing Start Up program, Deferred Payment Loan (DPL) and DPL Plus up to $18,000 SWAP TEST: PASS — false of other states because the DPL and DPL Plus program limits are explicitly authorized by Minnesota Housing VERIFIED BY: Minnesota Housing SOURCES: Minnesota Housing. "Start Up Loan and Downpayment Programs." 2025.
Ranked by what each is worth per month on this $335,000 example, the entire property-tax line ($285 a month) aggressively beats the entire insurance premium ($200 a month) and completely overshadows one percentage point of interest rate ($179 a month). That ordering is specific to Minnesota and flips wherever a state's millage, premium or price does. Both escrow lines together come to $485 a month against $179 for a whole point of rate, so in Minnesota the local municipal costs drastically outweigh the loan terms. Owners disputing their valuation must file a grievance with the Local Board of Appeal and Equalization (LBAE) during the spring appeal window. More importantly, residents should secure the Residential Homestead Classification, which natively reduces the property's class rate and activates the Homestead Market Value Exclusion. Additionally, qualifying homeowners can file Form M1PR with the Department of Revenue for a direct Property Tax Refund based on household income. The Extra Payments panel above is the fastest way to see what the remaining $268,000 balance responds to. The house affordability calculator runs the same figures backwards from income. REWRITTEN — added: Local Board of Appeal and Equalization (LBAE), Residential Homestead Classification (Market Value Exclusion), Form M1PR Property Tax Refund SWAP TEST: PASS — false of other states because the Form M1PR refund structure and the Homestead Market Value Exclusion mechanics are entirely unique to Minnesota property tax statutes VERIFIED BY: Minnesota Department of Revenue SOURCES: Minnesota Department of Revenue. "Property Tax Refund and Exemptions." 2024.
| Metric | Minnesota | US Average |
|---|---|---|
| Effective property-tax rate | 1.02% | 1.07% |
| Property tax on a $335,000 home (per year) | $3,417 | $3,585 |
| Average homeowners insurance (per year) | $2,400 | $1,700 |
| Typical home value | $335,000 | $360,000 |
Each row holds the $285 of Minnesota property tax and $200 of insurance constant on this $335,000 home and moves only the loan, at 6.4% over 30 years. PMI near 0.6%/yr applies under 20% down.
| Down payment | Loan amount | P&I /mo | PMI /mo | All-in /mo |
|---|---|---|---|---|
| 3% ($10,050) | $324,950 | $2,033 | $162 | $2,680 |
| 5% ($16,750) | $318,250 | $1,991 | $159 | $2,635 |
| 10% ($33,500) | $301,500 | $1,886 | $151 | $2,521 |
| 20% ($67,000) | $268,000 | $1,676 | — | $2,161 |
The same 1.02% Minnesota tax rate applied up and down the price ladder at 6.4% with 20% down, insurance scaled from the $2,400 state average. The highlighted row is the $335,000 typical home.
| Home price | Loan (20% down) | P&I /mo | Tax + insurance /mo | All-in /mo |
|---|---|---|---|---|
| $200,000 | $160,000 | $1,001 | $289 | $1,290 |
| $300,000 | $240,000 | $1,501 | $434 | $1,935 |
| $400,000 | $320,000 | $2,002 | $579 | $2,580 |
| $500,000 | $400,000 | $2,502 | $724 | $3,226 |
| $750,000 | $600,000 | $3,753 | $1,085 | $4,838 |
Same $268,000 Minnesota loan, two terms: 6.4% over 30 years against 5.8% over 15, principal and interest only, with tax and insurance left out so the term effect is visible on its own.
| Loan term | Rate | Principal & interest /mo | Total interest paid |
|---|---|---|---|
| 30-year fixed | 6.4% | $1,676 | $335,488 |
| 15-year fixed | 5.8% | $2,233 | $133,883 |
The 15-year term costs $556 more a month and returns $201,606 of interest over the term - about 60% of what the 30-year loan would have cost this Minnesota borrower in interest.
Minnesota channels official down-payment assistance and below-market first mortgages through Minnesota Housing. On the typical $335,000 Minnesota home the choice is $10,050 at the 3% conventional floor or $67,000 at 20%, which is what clears PMI of about $151 a month on a $301,500 loan. The 20% deposit equals roughly 11.5 years of this home's $5,817 annual tax-and-insurance carry, a mid-table ratio for the set. Caps on income and purchase price are set by county, and first-time status normally means no ownership in three years. Re-run the calculator at a smaller down payment to see what assistance changes on this $2,161 payment.
A Minnesota mortgage payment is four separate numbers, and only the first is set by your lender. Principal and interest come from the amortization formula below; property tax and homeowners insurance are local, and they are what make a Minnesota payment differ from the same loan elsewhere. Minnesota sits near the middle of the dataset on both inputs — 1.02% effective property tax and $2,400 a year for insurance — which makes it a clean illustration of how the four components trade off. Escrow is 22% of the payment below; principal and interest are the rest. The premium is worth 0.72% of the house's value every year — 18th highest of the 51 on that measure — so re-shopping cover is the lever that moves fastest, ahead of an assessment appeal on a 1.02% rate. Against the rest of the dataset Minnesota ranks 20th of 51 on property-tax rate, 26th on home value and 13th on premium, which is how it ends up with 22% of the payment in escrow. North Dakota and South Dakota land nearest overall. Minnesota's property taxes are close to the national average, with insurance lifted by hail and severe-storm claims. The calculation that follows puts real Minnesota figures through all four components.
M = P × [ i(1 + i)^n ] ÷ [ (1 + i)^n − 1 ]PITI = M + (home value × 1.02% ÷ 12) + ($2,400 ÷ 12)where:
Assumptions: A fixed 6.4% for the full term, taxes and insurance escrowed, no PMI at 20% down. The 1.02% is a statewide effective average, so county millage, parcel exemptions and HOA dues will move the $485 escrow line; Minnesota ranks 20th of 51 on rate.
Work the $335,000 Minnesota median — 26th of 51 in this dataset — through in the order a lender would, at 20% down on a 30-year fixed at 6.4%. The escrow half lands at $485 a month before the loan is touched.
Result$2,161.11 per month (PITI) — $1,676.36 loan + $484.75 escrow
Over the full 30 years that loan costs $335,488 in interest on top of the $268,000 borrowed. Escrow is 22% of the monthly payment in Minnesota, so comparing quotes on principal and interest alone hides a large part of the real cost.
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