Minnesota Mortgage Calculator
Use this free Minnesota mortgage calculator to estimate your monthly mortgage payments and annual amortization.
Loan details
2026
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.
Mortgage loans from our partners
on New American Funding
on New American Funding
on GO Mortgage
GO Mortgage
4.0
NerdWallet rating4.0
NerdWallet ratingon GO Mortgage
Getting a Mortgage in Minnesota
Mortgage costs in Minnesota can vary significantly depending on where you buy.
The typical monthly mortgage payment for a median-priced home in Hennepin County was $2,402 in Q1 2025, based on a $409,748 home value, according to the National Association of Realtors. By comparison, the national median payment was $2,120 on a median-priced single-family home valued at $402,300.
Other areas of the state are more affordable. For instance, in St. Louis County, where Duluth is located, the typical monthly mortgage payment was $1,604 for a median-priced home valued at $273,668.
Minnesota's first-time home buyer programs
The Minnesota Housing Finance Agency, or Minnesota Housing, offers several loan programs to help qualified first-time home buyers get a mortgage.
Average property tax by county
| County | Avg. property tax rate | Median home value |
|---|---|---|
| Aitkin County | 0.58% | $222,100 |
| Anoka County | 0.97% | $336,200 |
| Becker County | 0.73% | $249,600 |
| Beltrami County | 0.86% | $203,900 |
| Benton County | 0.97% | $229,300 |
| Big Stone County | 0.83% | $115,000 |
| Blue Earth County | 0.98% | $255,700 |
| Brown County | 1.01% | $165,200 |
| Carlton County | 1.07% | $218,000 |
| Carver County | 1.03% | $410,400 |
| Cass County | 0.62% | $241,000 |
| Chippewa County | 1.01% | $138,900 |
| Chisago County | 1.1% | $299,800 |
| Clay County | 1.09% | $249,300 |
| Clearwater County | 0.77% | $161,800 |
| Cook County | 0.76% | $289,500 |
| Cottonwood County | 1.1% | $141,600 |
| Crow Wing County | 0.77% | $303,700 |
| Dakota County | 0.99% | $364,900 |
| Dodge County | 1.01% | $245,800 |
| Douglas County | 0.85% | $277,800 |
| Faribault County | 0.95% | $116,000 |
| Fillmore County | 0.81% | $196,200 |
| Freeborn County | 1.1% | $154,700 |
| Goodhue County | 0.98% | $254,500 |
| Grant County | 0.87% | $161,100 |
| Hennepin County | 1.13% | $377,100 |
| Houston County | 1.01% | $216,400 |
| Hubbard County | 0.77% | $245,500 |
| Isanti County | 0.97% | $262,500 |
| Itasca County | 0.86% | $198,500 |
| Jackson County | 0.84% | $140,500 |
| Kanabec County | 1.0% | $205,400 |
| Kandiyohi County | 0.93% | $214,600 |
| Kittson County | 0.87% | $122,100 |
| Koochiching County | 0.75% | $132,200 |
| Lac qui Parle County | 0.84% | $127,300 |
| Lake County | 0.74% | $200,900 |
| Lake of the Woods County | 0.89% | $204,300 |
| Le Sueur County | 0.97% | $271,900 |
| Lincoln County | 0.93% | $139,500 |
| Lyon County | 0.97% | $177,600 |
| Mahnomen County | 0.92% | $132,900 |
| Marshall County | 0.85% | $140,900 |
| Martin County | 0.97% | $148,100 |
| McLeod County | 1.1% | $214,300 |
| Meeker County | 0.87% | $216,800 |
| Mille Lacs County | 0.98% | $221,300 |
| Morrison County | 0.84% | $220,600 |
| Mower County | 0.95% | $158,000 |
| Murray County | 0.78% | $163,500 |
| Nicollet County | 1.07% | $240,700 |
| Nobles County | 0.89% | $161,000 |
| Norman County | 0.91% | $129,300 |
| Olmsted County | 1.04% | $295,600 |
| Otter Tail County | 0.76% | $234,200 |
| Pennington County | 1.11% | $173,800 |
| Pine County | 0.9% | $207,100 |
| Pipestone County | 0.83% | $126,500 |
| Polk County | 1.01% | $204,600 |
| Pope County | 0.73% | $225,900 |
| Ramsey County | 1.19% | $313,900 |
| Red Lake County | 0.96% | $150,700 |
| Redwood County | 0.8% | $138,700 |
| Renville County | 0.94% | $138,200 |
| Rice County | 1.02% | $312,800 |
| Rock County | 0.72% | $189,100 |
| Roseau County | 1.02% | $164,200 |
| Scott County | 1.01% | $395,200 |
| Sherburne County | 1.01% | $339,900 |
| Sibley County | 0.98% | $196,600 |
| St. Louis County | 1.04% | $214,900 |
| Stearns County | 0.95% | $266,200 |
| Steele County | 1.21% | $217,100 |
| Stevens County | 0.92% | $170,700 |
| Swift County | 0.83% | $132,400 |
| Todd County | 0.96% | $173,200 |
| Traverse County | 0.81% | $109,300 |
| Wabasha County | 1.0% | $230,400 |
| Wadena County | 1.05% | $163,400 |
| Waseca County | 1.16% | $191,800 |
| Washington County | 0.98% | $406,700 |
| Watonwan County | 1.07% | $119,200 |
| Wilkin County | 0.76% | $169,100 |
| Winona County | 0.84% | $203,500 |
| Wright County | 0.99% | $339,500 |
| Yellow Medicine County | 1.01% | $145,400 |
How to use the mortgage calculator
To use our mortgage calculator, simply add your details to the following fields:
Home price
Down payment
Interest rate
Loan term (years)
After you enter these four pieces of information, the calculator displays the monthly payment inside the "Loan Estimate" window. It also displays:
Total principal
Total interest payments
Total loan payments
Payoff date
Calculating costs in addition to principal and interest
The calculator lets you fine-tune your payment by entering your annual property tax premium, annual home insurance premium, monthly homeowner association (HOA) fee, and monthly private mortgage insurance (PMI) premium.
To enter this information, click “Show Advanced Info” underneath the main loan details. Note that you'll enter the annual cost for property taxes and home insurance and the monthly cost for HOA fees and PMI premiums. The PMI field will only display if your down payment is less than 20%.
In the “Loan Estimate” window, select "Amortization Schedule" to uncover a table that shows how much you'll pay in principal and interest each month, as well as the remaining amount you owe ("Principal balance") after making the payment.
» MORE: What is mortgage amortization?
Explanation of terminology
Total monthly payment: An estimate of all your monthly housing costs, covering your loan principal, interest, taxes, insurance, and PMI.
Total principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
Total interest payments: How much interest you would pay over the life of the loan.
Total loan payments: The entire amount of principal and interest paid, excluding taxes, insurance, and PMI.
Down payment: The portion of the home’s price you pay in cash upfront.
Interest rate: How much the lender charges you to lend you the money. Interest rates are expressed as an annual percentage. A lower interest rate gives you a smaller monthly payment.
Loan term (years): The number of years you have to repay the mortgage. A longer term gives you a lower monthly payment, but you’ll pay more interest.
Start date: The month that your first mortgage payment is due.
Payoff date: The month your home will be fully paid off based on the loan term.
Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual property tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.
Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual homeowners insurance premium each month, and the servicer pays the bill when it's due.
Monthly HOA fees: The amount you may pay each month if you belong to a homeowners association. Typically, these dues are billed directly, not added to the monthly mortgage payment. Because HOA dues can be easy to forget when considering the cost of homeownership, NerdWallet's mortgage calculator allows you to enter them here.
Private mortgage insurance: If you get a conventional mortgage and put down less than 20%, you’ll have to pay a monthly PMI premium. It covers the lender if you default on the loan and can be canceled once you reach 20% equity. FHA loans require a similar fee called a mortgage insurance premium.
If you're looking to see how much you could save by refinancing your mortgage, try NerdWallet's refinance calculator.
» MORE FOR CANADIAN READERS: Canada mortgage payment calculator