Minnesota Mortgage Calculator 2026

Calculate your monthly mortgage payment for a home in Minnesota (MN). The median home price in Minnesota is $305,500, with an effective property tax rate of 1.04% (ranked #20 nationally). Use our free calculator to compare FHA, VA, USDA, and conventional loan options with real Minnesota data.

Minnesota Property Tax Information

Minnesota has an effective property tax rate of 1.04%, ranking #20 among all 50 states. The median annual property tax is $3,184 ($265/month). Source: Tax Foundation 2025.

Minnesota Loan Limits 2026

FHA loan limit in Minnesota: $524,225 (floor) to $524,225 (ceiling for high-cost areas). Conforming loan limit: $806,500 (baseline) to $806,500 (ceiling).

Estimated Monthly Payment in Minnesota

For a median-priced home of $305,500 with 20% down ($61,100), at 6.5% interest over 30 years: estimated monthly principal and interest is $1,545, plus $265 in property taxes and approximately $125 in homeowner's insurance, for a total estimated payment of approximately $1,935/month.

Minnesota Closing Costs

Average closing costs in Minnesota are $3,492 (0.91% of purchase price), ranked #28 nationally. Minnesota charges a transfer tax on real estate transactions. Source: Bankrate/LodeStar 2025.

Minnesota Housing Market 2026

Home prices in Minnesota have increased 4% year-over-year. Average days on market: 28. Inventory level: low. Currently considered a seller's market.

Down Payment Assistance Programs in Minnesota

Minnesota offers 3 down payment assistance programs through Minnesota Housing Finance Agency (Minnesota Housing):

  • Start Up Program (second mortgage): Interest-free second mortgage for first-time buyers. - Up to Up to 5% of loan amount
  • Step Up Program (second mortgage): For repeat buyers. Competitive rates with DPA. - Up to Up to $18,000
  • Deferred Payment Loan (forgivable loan): 0% interest, forgiven after 10 years. - Up to Up to $11,500

Contact Minnesota Housing: https://www.mnhousing.gov | Phone: 651-296-7608

Did You Know About Minnesota?

  • Minneapolis-St. Paul metro is a competitive seller's market
  • Mortgage registration tax of 0.23% adds to closing costs
  • Strong job market in healthcare and Fortune 500 companies
  • Many suburbs offer better value than the Twin Cities

Frequently Asked Questions About Buying a Home in Minnesota

What is the average property tax rate in Minnesota?

The effective property tax rate in Minnesota is 1.04%, with a median annual tax of $3,184. This ranks #20 among all states.

What are the FHA loan limits in Minnesota for 2026?

The FHA loan floor in Minnesota is $524,225 and the ceiling is $524,225 for high-cost areas. The conforming loan limit baseline is $806,500.

How much are closing costs in Minnesota?

Average closing costs in Minnesota are $3,492, which is approximately 0.91% of the purchase price.

Are there first-time homebuyer programs in Minnesota?

Yes, Minnesota offers 3 down payment assistance programs through Minnesota Housing Finance Agency, including grants, forgivable loans, and second mortgages.

Is Minnesota a good place to buy a home in 2026?

With a median home price of $305,500 and low inventory, Minnesota is currently a seller's market. Home prices have increased 4% over the past year.

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Data last updated: 2025-11. This information is for educational purposes only and should not be considered financial advice.