Mortgage Calculator — Minnesota
Pre-filled with Minnesota's average home price of $315000, property tax rate of 1.1%, and average insurance of $1700/year. Adjust any value below.
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Minnesota Housing Market
Minnesota's Twin Cities metro offers a diversified economy with strong job growth in healthcare, finance, and technology. The state's cold climate contributes to relatively moderate home prices compared to other major metro markets.
Affordability in Minnesota
The Minneapolis-St. Paul metro is reasonably priced for a major US metro area. Outer suburbs and outstate Minnesota — Rochester, Duluth — offer entry-level opportunities well below $250,000 for qualified buyers.
Key Markets
First-Time Buyer Programs in Minnesota
Start Up
Fixed-rate first mortgage for first-time buyers, with income and price limits.
Deferred Payment Loan / Monthly Payment Loan
Down payment and closing cost help, either interest-free and deferred or as a low-rate amortizing loan.
First-Generation Homebuyer Loan
Deferred assistance for buyers whose parents did not own a home. Forgivable after a period of ownership.
Programs are run by the Minnesota Housing. Income limits, price limits and assistance amounts change often — confirm current terms with the agency or an approved lender.
Property Tax in Minnesota
A homestead classification lowers the tax rate on owner-occupied homes. Renters and homeowners with lower incomes can claim the state's Homestead Credit Refund. At Minnesota's average effective rate of 1.1%, a $315,000 home pays roughly $3,460/year (about $288/month).
Minnesota Conforming Loan Limit
In 2026, the conforming loan limit is $832,750 in most counties. Designated high-cost areas can go up to $1,249,125. Loans above the limit are jumbo loans and usually need a larger down payment.
Closing Costs in Minnesota
Minnesota's deed tax is 0.33% of the price (0.34% in Hennepin and Ramsey counties) and is paid by the seller. Buyers pay a mortgage registry tax of 0.23% of the loan amount (0.24% in Hennepin and Ramsey).
Mortgage Calculator by State