Mortgage Calculator

Minnesota Mortgage Calculator

The true cost of owning a home in Minnesota includes property tax at 1.11%, homeowners insurance averaging $1,850/year, transfer tax, plus PMI if your down payment is under 20 percent.

Current 30 year fixed, conventional: 6.85% · as of October 10, 2026

Start from a preset:

Your home

Home price

State median: $315,000

Down payment

Loan term Shorter term = higher payment, less total interest

Your loan

Loan type Not sure? Compare loan types →

Interest rate

Live FRED 30yr fixed: 6.85%

Monthly extras

Property tax rate

Minnesota average: 1.11%

Home insurance

State average: $1,850/yr

HOA fees

Leave 0 if no HOA

Your monthly payment

—

Payment breakdown

Principal & interest—

Property tax—

Home insurance—

PMI—

MIP (FHA/USDA)—

HOA—

Loan summary

Loan amount—

Down payment—

Total interest—

Loan payoff—

At closing

Minnesota closing costs

Minnesota charges a real estate transfer tax of about 0.330% of the sale price, typically paid by the seller.

0.33% deed tax (Hennepin/Ramsey +0.01%)

Compare

Other Midwest states

Same calculator, different numbers. Pick one to see how Minnesota's costs compare.