Minnesota · MN

Minnesota Mortgage Calculator

Pre-filled for Minnesota: median home price $350,000, average property tax rate 1.05%. Adjust any slider to make it yours.

Minnesota housing at a glance

Median home price: $350,000
Effective property tax rate: 1.05% / yr
Annual property tax (median home): $3,675
Est. monthly tax escrow: $306
State income tax: Yes

Sources: regional housing data 2025 (median price), state assessor averages 2024–2025 (tax rate).

Buying a home in Minnesota

The median home price in Minnesota is around $350,000 and the effective property tax rate averages 1.05%of assessed value per year. Most lenders look for a debt-to-income (DTI) ratio under 43%, meaning your total monthly debt payments (including this mortgage) shouldn't exceed 43% of your gross income.

A 20% down payment on the median home in Minnesota is $70,000. Putting down at least 20% eliminates private mortgage insurance (PMI), which typically adds 0.3–1.5% of the loan amount per year to your monthly payment.

Transfer tax & closing costs in Minnesota

Minnesota's state deed tax is 0.33% of price; mortgage registry tax adds 0.23% of the loan amount.

Beyond transfer taxes, total closing costs in Minnesotatypically range from 2–5% of the purchase price — including lender origination fees, title insurance, appraisal, and prepaid interest. On the median home that's roughly $7,000–$17,500.

Foreclosure & legal context

Foreclosure type: Non-judicial (trustee sale)
Security instrument: Mortgage
Deficiency liability: Non-recourse (purchase-money)

Minnesota is generally non-recourse for residential mortgages — lenders that elect non-judicial foreclosure waive the right to a deficiency judgment.

Minnesota mortgage FAQ

What is the monthly mortgage payment for a median-priced home in Minnesota?: At the current 30-year fixed rate of ~6.81%, a $350,000 home in Minnesota with 20% down ($70,000) carries a principal-and-interest payment of ~$1,827/mo. Add property tax (~$306/mo at 1.05%) and homeowners insurance and your total is roughly $2,134/mo. Use the calculator above to adjust for your exact down payment and rate.
What is the property tax rate in Minnesota?: The effective statewide property tax rate in Minnesota averages 1.05% of assessed value per year. On a $350,000 home, that works out to roughly $3,675 per year ($306/mo). Individual county rates vary.
Does Minnesota have a state income tax?: Yes, Minnesota has a state income tax. This affects your net take-home pay and therefore your effective purchasing power — use our salary calculator to estimate what's left after tax.
What are the closing costs and transfer taxes in Minnesota?: Minnesota's state deed tax is 0.33% of price; mortgage registry tax adds 0.23% of the loan amount.
What type of foreclosure does Minnesota use?: Minnesota uses non-judicial (trustee sale) foreclosure, which typically moves faster than court-supervised processes. Minnesota is generally non-recourse for residential mortgages — lenders that elect non-judicial foreclosure waive the right to a deficiency judgment.

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