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.
30 year fixedYour input
|15 year fixed||30 year fixed|
|Total interest paid|
30 year fixedYour input
|15 year fixed||30 year fixed|
|Total interest paid|
See how your payments change over time for your 30 year fixed loan term
At year 0
30 year fixed loan term
- Principal Paid
- Interest Paid
We’ll share an interesting insight here for key milestones in your payoff schedule.
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Know how much you qualify for. Based on your inputs, we recommend the following lenders:
Minnesota mortgage and refinance rates today (APR)
|30-year fixed-rate FHA||2.327%||2.992%|
|30-year fixed-rate VA||2.553%||2.818%|
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
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....
Minnesota's best mortgage lenders
NerdWallet has done the work for you to pick the best financing partner for you in Minnesota.
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.
Avg. property tax rate
Avg. home value
|Big Stone County||0.83%||$97,000|
|Blue Earth County||0.98%||$185,600|
|Crow Wing County||0.78%||$188,100|
|Lac qui Parle County||0.99%||$81,100|
|Lake of the Woods County||0.89%||$128,400|
|Le Sueur County||1.02%||$190,700|
|Mille Lacs County||1.1%||$151,400|
|Otter Tail County||0.79%||$170,900|
|Red Lake County||1.14%||$107,300|
|St. Louis County||1.02%||$157,500|
|Yellow Medicine County||0.99%||$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."
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.
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:
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