Minnesota Mortgage Calculator (2026)
Calculate your monthly payment with Minnesota-specific property tax (1.12%) and average insurance ($1,620/yr).
Monthly payment
Payment breakdown
Loan summary
Amortization schedule (first 12 + every 12 months)
| Month | Principal | Interest | PMI/MIP | Balance |
|---|---|---|---|---|
| 1 | $263.37 | $1,874.25 | $133.88 | $321,037 |
| 2 | $264.90 | $1,872.71 | $133.88 | $320,772 |
| 3 | $266.45 | $1,871.17 | $133.88 | $320,505 |
| 4 | $268.00 | $1,869.61 | $133.88 | $320,237 |
| 5 | $269.57 | $1,868.05 | $133.88 | $319,968 |
| 6 | $271.14 | $1,866.48 | $133.88 | $319,697 |
| 7 | $272.72 | $1,864.90 | $133.88 | $319,424 |
| 8 | $274.31 | $1,863.31 | $133.88 | $319,150 |
| 9 | $275.91 | $1,861.71 | $133.88 | $318,874 |
| 10 | $277.52 | $1,860.10 | $133.88 | $318,596 |
| 11 | $279.14 | $1,858.48 | $133.88 | $318,317 |
| 12 | $280.77 | $1,856.85 | $133.88 | $318,036 |
| 24 | $301.06 | $1,836.55 | $133.88 | $314,536 |
| 36 | $322.83 | $1,814.79 | $133.88 | $310,784 |
| 48 | $346.17 | $1,791.45 | $133.88 | $306,760 |
| 60 | $371.19 | $1,766.43 | $133.88 | $302,445 |
| 72 | $398.02 | $1,739.59 | $133.88 | $297,818 |
| 84 | $426.80 | $1,710.82 | $133.88 | $292,857 |
| 96 | $457.65 | $1,679.97 | $133.88 | $287,537 |
| 108 | $490.73 | $1,646.88 | $133.88 | $281,832 |
| 120 | $526.21 | $1,611.41 | — | $275,715 |
| 132 | $564.25 | $1,573.37 | — | $269,156 |
| 144 | $605.04 | $1,532.58 | — | $262,123 |
| 156 | $648.78 | $1,488.84 | — | $254,581 |
| 168 | $695.68 | $1,441.94 | — | $246,494 |
| 180 | $745.97 | $1,391.65 | — | $237,823 |
| 192 | $799.89 | $1,337.72 | — | $228,524 |
| 204 | $857.72 | $1,279.90 | — | $218,554 |
| 216 | $919.72 | $1,217.90 | — | $207,862 |
| 228 | $986.21 | $1,151.41 | — | $196,398 |
| 240 | $1,057.50 | $1,080.12 | — | $184,105 |
| 252 | $1,133.95 | $1,003.67 | — | $170,924 |
| 264 | $1,215.92 | $921.70 | — | $156,789 |
| 276 | $1,303.82 | $833.80 | — | $141,633 |
| 288 | $1,398.07 | $739.54 | — | $125,381 |
| 300 | $1,499.14 | $638.48 | — | $107,954 |
| 312 | $1,607.51 | $530.10 | — | $89,267 |
| 324 | $1,723.72 | $413.90 | — | $69,230 |
| 336 | $1,848.33 | $289.29 | — | $47,744 |
| 348 | $1,981.94 | $155.67 | — | $24,705 |
| 360 | $2,125.22 | $12.40 | — | $0 |
What the payment actually costs
Expect roughly $4,480 a year in property tax on a $400,000 home here. Minnesota's effective rate of 1.12% ranks 19th of 51, compared with about 1.10% nationally — $373 a month that never appears in a quoted mortgage payment.
Homeowners insurance runs about $1,620 a year in Minnesota, 19th of 51 states and above the $1,552 national average. Together, tax and insurance add roughly $508 a month to the payment before you have paid a dollar of principal.
How this fits the rest of your tax bill
Minnesota taxes both income and property, so neither side offsets the other. Property tax at 1.12% ranks 19th of 51, and state income tax applies on top. Model both together when comparing against a no-income-tax state, because the comparison flips depending on how much house you buy relative to what you earn.
Property tax rates are effective statewide averages; your county assessor sets the actual figure and it varies widely within a state. See our methodology.