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Minnesota Mortgage Calculator

Use this free Minnesota mortgage calculator to estimate your monthly mortgage payments and annual amortization.

Loan details

%

Monthly payment

$2,058

at 6.54% · 30-year fixed

  • Principal & interest

    $1,523

  • Property taxes

    $375

  • Homeowners insurance

    $160

Loan amount

$240,000

Total interest paid

$308,382

Payoff date

—

YOU'RE KEEPING $34,003

$34,003

stays in your pocket

That's your total savings over 30 years at today's best rate on NerdWallet (6.54%) vs. the 7.13% national average — $94 less every month.

  • Today's best rate: 6.54%

  • Get your free rate with no credit impact

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No impact to your credit score

Calculated payments and savings are estimates. The calculator result does not constitute an offer for a loan and will not solicit a loan offer. Savings will depend on the actual amounts and rate for which you are approved, should you choose to apply.

Getting a Mortgage in Minnesota

Written by 
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Last updated November 19, 2025
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 mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate7.374%7.380%
20-year fixed-rate7.342%7.347%
15-year fixed-rate6.575%6.588%
10-year fixed-rate6.423%6.433%
7-year ARM7.667%7.324%
5-year ARM7.490%7.172%
30-year fixed-rate FHA6.250%6.987%
30-year fixed-rate VA6.688%7.035%
Data source: ©Zillow, Inc. 2006 – 2026. Use is subject to the Terms of Use

Today's rate

7.380%

30-year fixed

Today's mortgage rates in Minnesota are 7.380% for a 30-year fixed, 6.588% for a 15-year fixed, and 7.172% for a 5-year adjustable-rate mortgage (ARM).

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.
» MORE: First-time home buyer programs by state

Average property tax by county

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.

CountyAvg. property tax rateMedian home value
Aitkin County0.58%$222,100
Anoka County0.97%$336,200
Becker County0.73%$249,600
Beltrami County0.86%$203,900
Benton County0.97%$229,300
Big Stone County0.83%$115,000
Blue Earth County0.98%$255,700
Brown County1.01%$165,200
Carlton County1.07%$218,000
Carver County1.03%$410,400
Cass County0.62%$241,000
Chippewa County1.01%$138,900
Chisago County1.10%$299,800
Clay County1.09%$249,300
Clearwater County0.77%$161,800
Cook County0.76%$289,500
Cottonwood County1.10%$141,600
Crow Wing County0.77%$303,700
Dakota County0.99%$364,900
Dodge County1.01%$245,800
Douglas County0.85%$277,800
Faribault County0.95%$116,000
Fillmore County0.81%$196,200
Freeborn County1.10%$154,700
Goodhue County0.98%$254,500
Grant County0.87%$161,100
Hennepin County1.13%$377,100
Houston County1.01%$216,400
Hubbard County0.77%$245,500
Isanti County0.97%$262,500
Itasca County0.86%$198,500
Jackson County0.84%$140,500
Kanabec County1.00%$205,400
Kandiyohi County0.93%$214,600
Kittson County0.87%$122,100
Koochiching County0.75%$132,200
Lac qui Parle County0.84%$127,300
Lake County0.74%$200,900
Lake of the Woods County0.89%$204,300
Le Sueur County0.97%$271,900
Lincoln County0.93%$139,500
Lyon County0.97%$177,600
Mahnomen County0.92%$132,900
Marshall County0.85%$140,900
Martin County0.97%$148,100
McLeod County1.10%$214,300
Meeker County0.87%$216,800
Mille Lacs County0.98%$221,300
Morrison County0.84%$220,600
Mower County0.95%$158,000
Murray County0.78%$163,500
Nicollet County1.07%$240,700
Nobles County0.89%$161,000
Norman County0.91%$129,300
Olmsted County1.04%$295,600
Otter Tail County0.76%$234,200
Pennington County1.11%$173,800
Pine County0.90%$207,100
Pipestone County0.83%$126,500
Polk County1.01%$204,600
Pope County0.73%$225,900
Ramsey County1.19%$313,900
Red Lake County0.96%$150,700
Redwood County0.80%$138,700
Renville County0.94%$138,200
Rice County1.02%$312,800
Rock County0.72%$189,100
Roseau County1.02%$164,200
Scott County1.01%$395,200
Sherburne County1.01%$339,900
Sibley County0.98%$196,600
St. Louis County1.04%$214,900
Stearns County0.95%$266,200
Steele County1.21%$217,100
Stevens County0.92%$170,700
Swift County0.83%$132,400
Todd County0.96%$173,200
Traverse County0.81%$109,300
Wabasha County1.00%$230,400
Wadena County1.05%$163,400
Waseca County1.16%$191,800
Washington County0.98%$406,700
Watonwan County1.07%$119,200
Wilkin County0.76%$169,100
Winona County0.84%$203,500
Wright County0.99%$339,500
Yellow Medicine County1.01%$145,400
Source: American Communities Survey 2022, U.S. Census

How to use the mortgage calculator

To use our mortgage calculator, add your details to the following fields:
  1. Home price
  2. Down payment
  3. Interest rate
  4. Loan term (years)
After you enter this information, the calculator displays the monthly payment, as well as:
  • Total principal
  • Total interest payments
  • Payoff date
Video thumbnail

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
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