Mortgage Calculator – Minnesota
Minnesota offers a stable housing market with moderate home prices, higher property taxes, and weather-related insurance considerations.
This Minnesota mortgage calculator helps you estimate monthly payments by factoring in loan terms, interest rates, property taxes, and insurance.
Mortgage Calculator – Minnesota
Why Mortgage Costs in Minnesota Are Influenced by Taxes
Minnesota has above-average property tax rates, which can significantly affect monthly mortgage payments.
Cold winters also increase insurance and maintenance costs, especially for older homes.
Despite this, stable home values make Minnesota a strong long-term housing market.
Minnesota Mortgage Examples
Example 1: A $360,000 home with 20% down at 6.7% over 30 years may result in a monthly payment around $1,900 including taxes and insurance.
Example 2: Homes in the Twin Cities metro area generally cost more than rural Minnesota.
Example 3: Higher taxes increase monthly costs but support strong local services.
15-Year vs 30-Year Mortgage in Minnesota
| Factor | 15-Year Loan | 30-Year Loan |
|---|---|---|
| Monthly Payment | Higher | Lower |
| Total Interest | Much lower | Much higher |
| Best For | Faster payoff | Flexibility |
Frequently Asked Questions – Minnesota Mortgage
Are property taxes high in Minnesota?
Yes. Minnesota has higher-than-average property tax rates.
Does this Minnesota mortgage calculator include insurance?
Yes. You can include estimated annual insurance costs.
Do cold winters affect insurance premiums?
Yes. Severe winters can increase insurance and maintenance costs.
Do Minnesota buyers need PMI?
PMI may apply if your down payment is below 20%.
Are mortgage rates higher in Minnesota?
Rates generally follow national averages.
Does this calculator include HOA fees?
No. HOA fees should be added separately.
Is refinancing common in Minnesota?
Yes. Homeowners refinance to lower interest or adjust loan terms.
Are rural homes cheaper in Minnesota?
Yes. Rural areas generally offer lower purchase prices.
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Disclaimer
This calculator provides estimates for educational purposes only and does not constitute financial, legal, or tax advice.