Mortgage Calculator for Minnesota
Estimate your monthly payment in Minnesota using adjustable example inputs and official housing resources.
Enter Your Loan Details
Defaults are illustrative inputs, not local averages. Replace taxes, insurance and rate with property-specific estimates.
Planning a purchase in Minnesota
The prefilled price, tax percentage, and interest rate are illustrative inputs, not verified Minnesota averages or lender quotes. Replace them with the property's price, a local tax estimate, an insurance quote, and your lender's rate.
Homestead classification can reduce taxable market value
Minnesota's Homestead Market Value Exclusion reduces the taxable market value of qualifying homes. Its calculation depends on market value, so an exclusion is not a flat tax refund or a guaranteed reduction of the same size for every house.
For your estimate: Verify county homestead classification and request the resulting bill. Do not subtract the excluded value from Home Price; the purchase loan and the taxable property base are different quantities.
Minnesota Revenue: Homestead Market Value ExclusionStart Up and Step Up assistance is borrowed money
Minnesota Housing offers down-payment and closing-cost loans with its Start Up and Step Up programs. Monthly Payment Loans and deferred-payment options have different repayment structures; they are not interchangeable grants.
For your estimate: Have the lender identify the exact assistance product. Add any required monthly installment to your budget and separately record deferred amounts that may become payable later.
Minnesota Housing: buying and refinancingLocal guidance reviewed . Confirm eligibility, funding and property-specific costs directly before making a decision.
Using local estimates in this tool
The tax field multiplies the home's price by a percentage. If your assessor estimates an annual tax bill, divide that bill by the entered home price and multiply by 100. Do not enter an assessment ratio or millage directly. For example, an illustrative $4,800 annual bill on a $400,000 price corresponds to 1.2%; these are not local averages.
This payment includes principal, interest, property tax and home insurance. Budget mortgage insurance, HOA dues, maintenance and closing costs separately.
Official resources and next steps
HUD housing and homeownership resources for Minnesota provides further counseling and housing contacts.
For FHA financing, use HUD's county and unit-count lookup. Select Minnesota, the property's county, the calendar year, and the number of units. The 2026 national one-unit floor of $541,287 is a baseline, not a determination of the limit for every county in Minnesota.
HUD directory reviewed 2026-09-25. HUD state directory. Local figures are not represented as verified statistics.
Amortization Schedule
| Year | Principal Paid | Interest Paid | Tax Paid | Insurance Paid | Balance |
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How to Use This Mortgage Calculator in Minnesota
Enter the price of the property you are considering in Minnesota, then adjust the down payment and rate. The payment combines principal, interest, property tax, and insurance. It does not include HOA dues, maintenance, or mortgage insurance.
For example, at the illustrative price of $317,000 and 6% down, the base loan is $297,980. These are calculation examples, not a statement about prices or typical buyers in Minnesota.
Compare the same home under different rates and down payments. A lower monthly payment from a longer term can still mean more lifetime interest. Confirm taxes and insurance for the property before relying on the estimate.