2026 data · 1.01% property tax · Median home $299,600
Minnesota Mortgage Calculator
A median-priced home in Minnesota ($299,600) costs roughly $1,999 per month all-in (PITI), assuming 20% down and a 30-year fixed at 7.0%. Minnesota's effective property tax rate is 1.01% — close to the US average of about 1.0%.
Minnesota median-home monthly payment
$1,999/mo
P&I $1,595 · Tax $252 · Insurance $152
@ $299,600 price, 20% down, 30-yr fixed at 7.0%
For a custom calculation with your specific numbers (different down payment, rate, term, or home price), use the main mortgage calculator — it includes a full amortization schedule.
Monthly payments at common home prices in Minnesota
| Home price | 20% down | P&I | Prop tax | Insurance | Total PITI/mo |
|---|---|---|---|---|---|
| $200,000 | $40,000 | $1,064 | $168 | $102 | $1,334 |
| $299,600 (state median) | $59,920 | $1,595 | $252 | $152 | $1,999 |
| $300,000 | $60,000 | $1,597 | $253 | $153 | $2,002 |
| $400,000 | $80,000 | $2,129 | $337 | $203 | $2,669 |
| $500,000 | $100,000 | $2,661 | $421 | $254 | $3,336 |
| $750,000 | $150,000 | $3,992 | $631 | $381 | $5,004 |
Calculations use Minnesota's 1.01% effective property tax rate, estimated homeowners insurance at 0.61%/year of home value, 30-year fixed at 7.0%, no PMI (20% down). Closing costs not included.
Minnesota property tax
Effective rate
1.01%
Median home value
$299,600
Median property tax
$3,024/yr
Minnesota has a homestead market value exclusion of up to $30,400 for homes valued under $413,800. Above-average property tax rates statewide.
See our property tax calculator for a state-by-state property tax breakdown, and our Minnesota paycheck calculator to estimate take-home pay against this monthly housing cost.
Minnesota vs neighboring states
| State | Property tax rate | Median home | Median tax/yr | |
|---|---|---|---|---|
| Minnesota (this page) | 1.01% | $299,600 | $3,024 | |
| Wisconsin | 1.63% | $231,200 | $3,796 | Wisconsin mortgage → |
| Iowa | 1.40% | $185,100 | $2,650 | Iowa mortgage → |
| South Dakota | 1.15% | $231,600 | $2,690 | South Dakota mortgage → |
| North Dakota | 0.94% | $228,700 | $2,130 | North Dakota mortgage → |
FAQs about Minnesota mortgages
What is the property tax rate in Minnesota?
Minnesota's effective property tax rate is 1.01%, meaning the average homeowner pays roughly 1.01% of their home's value in property tax annually. On a $299,600 home (the state median), that's about $3,024 per year, or $252 per month added to your mortgage payment.
What is the average monthly mortgage payment in Minnesota?
For a home at Minnesota's median value of $299,600, assuming 20% down, a 30-year fixed mortgage at 7.0%, and Minnesota's 1.01% property tax + estimated insurance, the typical monthly PITI payment is approximately $1,999. This includes $1,595 principal & interest, $252 property tax, and $152 homeowners insurance.
How much income do I need to buy a house in Minnesota?
Using the standard 28% front-end DTI rule, you'd need annual income of approximately $85,671 to comfortably afford Minnesota's median-priced home. Lenders typically allow up to 43% total DTI (including all debts), which corresponds to about $55,786 annual income at the maximum end. Your specific qualification depends on credit score, down payment, debts, and lender requirements.
Is Minnesota a good state to buy a house?
Minnesota's combination of 1.01% property tax (near the national average of ~1.0%) and median home value of $299,600 place it in the mid-range of state housing markets nationally. Minnesota has a homestead market value exclusion of up to $30,400 for homes valued under $413,800.
How does Minnesota property tax compare to neighboring states?
Minnesota's 1.01% rate compares to: Wisconsin at 1.63%, Iowa at 1.40%, South Dakota at 1.15%, North Dakota at 0.94%. Property taxes can differ substantially between bordering states — moving 30 miles across a state line can change your annual tax bill by thousands.
Does Minnesota have a homestead exemption?
Minnesota has a homestead market value exclusion of up to $30,400 for homes valued under $413,800. Above-average property tax rates statewide.
What's included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four standard components of a mortgage payment. For your Minnesota mortgage, the breakdown on a median-priced home would be: Principal & Interest $1,595, Property Tax $252, Homeowners Insurance $152. Add PMI if your down payment is under 20%, and HOA fees if your home is in a community with one.