Minnesota mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, includi...ng your principal and interest, taxes, insurance, and PMI in Minnesota. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

Minnesota housing market

Minnesota, the North Star State, is close the national average in affordability, wi...th the median homeowner spending just under 19% of their income on their home. Minnesota grew at a healthy clip of 7.6% in 2018, but market signs suggest that this rate is starting to slow down. Looking for homes in the "Minne-Apple"? You'll find great company as 60% of Minnesotans live in the Twin Cities Metro Area.

Your monthly payment
$1,599
30 year fixed loan term
Monthly payment
Principal & interest

$1,163

Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types
Total principal: $240,000
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,002$1,444
Mortgage Rate4.125%2.195%*2.969%*
Total interest paid
$178,737
$41,892
$122,823
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,002$1,444
Mortgage Rate4.125%2.195%*2.969%*
Total interest paid
$178,737
$41,892
$122,823
Amortization

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Remaining
$240,000
Principal Paid
$0
Interest Paid
$0
Year 0
drag me
1
30
Years

We’ll share an interesting insight here for key milestones in your payoff schedule.

Refine Results
See latest mortgage rates
Get personalized mortgage rates from San Francisco, CA.
Principal & interest

$1,163

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Minnesota mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate2.927%2.984%
20-year fixed-rate2.574%2.656%
15-year fixed-rate2.070%2.168%
10-year fixed-rate2.093%2.221%
7/1 ARM2.530%3.080%
5/1 ARM2.375%3.092%
30-year fixed-rate FHA2.327%2.992%
30-year fixed-rate VA2.553%2.818%

Data source: ©Zillow, Inc. 2006 – 2021. Use is subject to the Terms of Use

Today's rate

2.984%
30-year fixed

Today’s mortgage rates in Minnesota are 2.984% for a 30-year fixed, 2.168% for a 15-year fixed, and 3.092% for a 5/1 adjustable-rate mortgage (ARM).

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

Enter your ZIP code to get started on a personalized lender match.

 

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.

Start Up mortgage

State program

Best for

Low mortgage insurance

Low down payment

What you need to know

Exclusively for first-time home buyers, this program gives you access to conventional and government-backed loans with fixed interest rates and low origination fees. The Start Up mortgage requires a down payment as low as 1% and, if necessary, provides options for low-cost or no mortgage insurance....

See full article

Minnesota's best mortgage lenders

NerdWallet has done the work for you to pick the best financing partner for you in Minnesota.

See full article

Average property tax in Minnesota counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Minnesota. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

County
Avg. property tax rate
Avg. home value
Aitkin County0.59%$169,300
Anoka County1.1%$229,900
Becker County0.78%$182,100
Beltrami County0.94%$153,100
Benton County1.16%$162,600
Big Stone County0.83%$97,000
Blue Earth County0.98%$185,600
Brown County1.09%$135,300
Carlton County1.14%$162,800
Carver County1.14%$315,500
Cass County0.62%$178,700
Chippewa County1.04%$104,500
Chisago County1.25%$206,400
Clay County1.08%$173,100
Clearwater County0.81%$122,800
Cook County0.61%$241,400
Cottonwood County1.0%$89,400
Crow Wing County0.78%$188,100
Dakota County1.1%$266,000
Dodge County1.1%$167,900
Douglas County0.93%$197,200
Faribault County1.03%$86,500
Fillmore County0.81%$148,300
Freeborn County1.04%$105,100
Goodhue County0.99%$191,400
Grant County1.11%$104,900
Hennepin County1.25%$274,900
Houston County1.13%$164,200
Hubbard County0.81%$182,700
Isanti County1.1%$172,900
Itasca County0.82%$156,100
Jackson County0.93%$114,100
Kanabec County1.14%$147,200
Kandiyohi County0.98%$167,000
Kittson County1.07%$71,800
Koochiching County0.79%$108,300
Lac qui Parle County0.99%$81,100
Lake County0.81%$165,800
Lake of the Woods County0.89%$128,400
Le Sueur County1.02%$190,700
Lincoln County0.94%$95,300
Lyon County1.02%$135,900
Mahnomen County1.06%$97,300
Marshall County0.84%$104,500
Martin County1.0%$112,400
McLeod County1.08%$150,400
Meeker County0.93%$161,600
Mille Lacs County1.1%$151,400
Morrison County0.93%$159,100
Mower County0.96%$114,700
Murray County0.77%$107,700
Nicollet County1.11%$178,000
Nobles County0.95%$118,300
Norman County1.1%$88,500
Olmsted County1.12%$224,900
Otter Tail County0.79%$170,900
Pennington County0.97%$133,300
Pine County0.96%$151,600
Pipestone County0.86%$91,200
Polk County1.1%$152,600
Pope County0.77%$163,600
Ramsey County1.33%$231,100
Red Lake County1.14%$107,300
Redwood County0.92%$97,400
Renville County0.98%$100,100
Rice County1.05%$205,300
Rock County0.75%$133,600
Roseau County1.08%$118,500
Scott County1.11%$293,200
Sherburne County1.05%$245,000
Sibley County1.08%$142,800
Stearns County1.04%$178,300
Steele County1.19%$154,300
Stevens County1.02%$150,800
St. Louis County1.02%$157,500
Swift County0.9%$102,100
Todd County0.95%$141,000
Traverse County0.98%$79,800
Wabasha County0.92%$167,300
Wadena County1.06%$118,900
Waseca County1.13%$147,800
Washington County1.06%$288,600
Watonwan County1.01%$94,500
Wilkin County0.88%$114,400
Winona County0.96%$158,400
Wright County1.02%$228,900
Yellow Medicine County0.99%$99,100

Source: American Communities Survey 2016, U.S. Census

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a .

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A  is the cash you pay upfront for a home, and  is the value of the home, minus what you owe.

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may enter your own figures for  and , if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

» MORE: 

The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your  is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

» MORE: 

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

Your monthly payment can go up over time if: