Minnesota mortgage calculator with property tax and insurance
Median home price in Minnesota: $360,000. Effective property tax 1.08%/yr, homeowners insurance ≈ $1,700/yr. Rates updated Oct 8, 2026.
Payment by loan term
| Term | P&I | All-in | Total interest |
|---|---|---|---|
| 10 yr | $3,419 | $3,884 | $122,233 |
| 15 yr | $2,670 | $3,135 | $192,563 |
| 20 yr | $2,320 | $2,786 | $268,826 |
| 30 yr | $2,014 | $2,479 | $436,946 |
Adjust the numbers
Monthly breakdown
Total interest $436,946 · total PMI $0 · paid off in 30 years
Compare loan terms
| Term | Monthly (P&I) | Total monthly | Total interest |
|---|---|---|---|
| 10 years | $3,419 | $3,884 | $122,233 |
| 15 years | $2,670 | $3,135 | $192,563 |
| 20 years | $2,320 | $2,786 | $268,826 |
| 30 years | $2,014 | $2,479 | $436,946 |
Amortization schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $21,510 | $2,655 | $285,345 |
| 2 | $21,304 | $2,861 | $282,484 |
| 3 | $21,082 | $3,083 | $279,401 |
| 4 | $20,842 | $3,322 | $276,079 |
| 5 | $20,584 | $3,580 | $272,498 |
| 6 | $20,307 | $3,858 | $268,640 |
| 7 | $20,007 | $4,158 | $264,482 |
| 8 | $19,684 | $4,481 | $260,001 |
| 9 | $19,336 | $4,828 | $255,173 |
| 10 | $18,962 | $5,203 | $249,970 |
| 11 | $18,558 | $5,607 | $244,362 |
| 12 | $18,122 | $6,043 | $238,320 |
| 13 | $17,653 | $6,512 | $231,808 |
| 14 | $17,148 | $7,017 | $224,791 |
| 15 | $16,603 | $7,562 | $217,229 |
| 16 | $16,016 | $8,149 | $209,080 |
| 17 | $15,383 | $8,782 | $200,298 |
| 18 | $14,701 | $9,463 | $190,835 |
| 19 | $13,967 | $10,198 | $180,637 |
| 20 | $13,175 | $10,990 | $169,647 |
| 21 | $12,322 | $11,843 | $157,804 |
| 22 | $11,403 | $12,762 | $145,042 |
| 23 | $10,412 | $13,753 | $131,288 |
| 24 | $9,344 | $14,821 | $116,468 |
| 25 | $8,193 | $15,971 | $100,496 |
| 26 | $6,954 | $17,211 | $83,285 |
| 27 | $5,617 | $18,547 | $64,737 |
| 28 | $4,178 | $19,987 | $44,750 |
| 29 | $2,626 | $21,539 | $23,211 |
| 30 | $954 | $23,211 | $0 |
Showing 360 payments. Schedule assumes a fixed rate and constant home value for PMI cancellation.
Down payment scenarios in Minnesota
| Down | Cash needed | PMI | Monthly |
|---|---|---|---|
| 3% | $10,800 | $160 | $3,067 |
| 5% | $18,000 | $157 | $3,014 |
| 10% | $36,000 | $149 | $2,880 |
| 15% | $54,000 | $140 | $2,746 |
| 20% | $72,000 | $0 | $2,479 |
| 25% | $90,000 | $0 | $2,354 |
Around the Minnesota median price
| Home price | P&I | All-in monthly |
|---|---|---|
| $270,000 | $1,510 | $1,895 |
| $360,000 | $2,014 | $2,479 |
| $450,000 | $2,517 | $3,064 |
| $540,000 | $3,021 | $3,648 |
Detailed payment examples
FAQ
What is the average property tax rate in Minnesota?
Minnesota's effective property tax rate is about 1.08% of home value per year, which is $324 per month on a $360,000 home. Rates vary by county and by exemptions, so treat this as a planning estimate.
How much is homeowners insurance in Minnesota?
A typical Minnesota policy runs around $1,700 per year ($142 per month). Coastal and hail-prone areas can be significantly higher.
Is a $360,000 home affordable in Minnesota?
At 7.50% with 20% down, the estimated all-in payment is $2,479 per month. Using the 28% rule that implies a household income near $106,000 per year before other debts.