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Minnesota Mortgage Calculator

Use this free Minnesota mortgage calculator to estimate your monthly mortgage payments and annual amortization.

Loan details

%

Monthly payment

$2,047

at 6.47% · 30-year fixed

  • Principal & interest

    $1,512

  • Property taxes

    $375

  • Homeowners insurance

    $160

Loan amount

$240,000

Total interest paid

$304,403

Payoff date

—

YOU'RE KEEPING $39,148

$39,148

stays in your pocket

That's your total savings over 30 years at today's best rate on NerdWallet (6.47%) vs. the 7.15% national average — $109 less every month.

  • Today's best rate: 6.47%

  • Get your free rate with no credit impact

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No impact to your credit score

Calculated payments and savings are estimates. The calculator result does not constitute an offer for a loan and will not solicit a loan offer. Savings will depend on the actual amounts and rate for which you are approved, should you choose to apply.

Getting a Mortgage in Minnesota

Written by 
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Last updated November 19, 2025
Mortgage costs in Minnesota can vary significantly depending on where you buy.
The typical monthly mortgage payment for a median-priced home in Hennepin County was $2,402 in Q1 2025, based on a $409,748 home value, according to the National Association of Realtors. By comparison, the national median payment was $2,120 on a median-priced single-family home valued at $402,300.
Other areas of the state are more affordable. For instance, in St. Louis County, where Duluth is located, the typical monthly mortgage payment was $1,604 for a median-priced home valued at $273,668.

Minnesota mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate7.307%7.312%
20-year fixed-rate7.357%7.361%
15-year fixed-rate6.586%6.595%
10-year fixed-rate6.423%6.433%
7-year ARM7.667%7.333%
5-year ARM7.490%7.172%
30-year fixed-rate FHA6.250%6.987%
30-year fixed-rate VA6.675%7.022%
Data source: ©Zillow, Inc. 2006 – 2026. Use is subject to the Terms of Use

Today's rate

7.312%

30-year fixed

Today's mortgage rates in Minnesota are 7.312% for a 30-year fixed, 6.595% for a 15-year fixed, and 7.172% for a 5-year adjustable-rate mortgage (ARM).

Minnesota's first-time home buyer programs

The Minnesota Housing Finance Agency, or Minnesota Housing, offers several loan programs to help qualified first-time home buyers get a mortgage.
» MORE: First-time home buyer programs by state

Average property tax by county

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Minnesota. Because assessed values aren't frequently updated, you may pay a higher rate at first but eventually you'll pay a similar rate.

CountyAvg. property tax rateMedian home value
Aitkin County0.58%$222,100
Anoka County0.97%$336,200
Becker County0.73%$249,600
Beltrami County0.86%$203,900
Benton County0.97%$229,300
Big Stone County0.83%$115,000
Blue Earth County0.98%$255,700
Brown County1.01%$165,200
Carlton County1.07%$218,000
Carver County1.03%$410,400
Cass County0.62%$241,000
Chippewa County1.01%$138,900
Chisago County1.10%$299,800
Clay County1.09%$249,300
Clearwater County0.77%$161,800
Cook County0.76%$289,500
Cottonwood County1.10%$141,600
Crow Wing County0.77%$303,700
Dakota County0.99%$364,900
Dodge County1.01%$245,800
Douglas County0.85%$277,800
Faribault County0.95%$116,000
Fillmore County0.81%$196,200
Freeborn County1.10%$154,700
Goodhue County0.98%$254,500
Grant County0.87%$161,100
Hennepin County1.13%$377,100
Houston County1.01%$216,400
Hubbard County0.77%$245,500
Isanti County0.97%$262,500
Itasca County0.86%$198,500
Jackson County0.84%$140,500
Kanabec County1.00%$205,400
Kandiyohi County0.93%$214,600
Kittson County0.87%$122,100
Koochiching County0.75%$132,200
Lac qui Parle County0.84%$127,300
Lake County0.74%$200,900
Lake of the Woods County0.89%$204,300
Le Sueur County0.97%$271,900
Lincoln County0.93%$139,500
Lyon County0.97%$177,600
Mahnomen County0.92%$132,900
Marshall County0.85%$140,900
Martin County0.97%$148,100
McLeod County1.10%$214,300
Meeker County0.87%$216,800
Mille Lacs County0.98%$221,300
Morrison County0.84%$220,600
Mower County0.95%$158,000
Murray County0.78%$163,500
Nicollet County1.07%$240,700
Nobles County0.89%$161,000
Norman County0.91%$129,300
Olmsted County1.04%$295,600
Otter Tail County0.76%$234,200
Pennington County1.11%$173,800
Pine County0.90%$207,100
Pipestone County0.83%$126,500
Polk County1.01%$204,600
Pope County0.73%$225,900
Ramsey County1.19%$313,900
Red Lake County0.96%$150,700
Redwood County0.80%$138,700
Renville County0.94%$138,200
Rice County1.02%$312,800
Rock County0.72%$189,100
Roseau County1.02%$164,200
Scott County1.01%$395,200
Sherburne County1.01%$339,900
Sibley County0.98%$196,600
St. Louis County1.04%$214,900
Stearns County0.95%$266,200
Steele County1.21%$217,100
Stevens County0.92%$170,700
Swift County0.83%$132,400
Todd County0.96%$173,200
Traverse County0.81%$109,300
Wabasha County1.00%$230,400
Wadena County1.05%$163,400
Waseca County1.16%$191,800
Washington County0.98%$406,700
Watonwan County1.07%$119,200
Wilkin County0.76%$169,100
Winona County0.84%$203,500
Wright County0.99%$339,500
Yellow Medicine County1.01%$145,400
Source: American Communities Survey 2022, U.S. Census

How to use the mortgage calculator

To use our mortgage calculator, add your details to the following fields:
1. Home price: What you're hoping to spend on a home.
2. ZIP code: The home's location.
3. Down payment: How much cash you're paying upfront towards the home's price. This calculator defaults to showing a 20% down payment, but you can adjust it up or down by changing the dollar amount or the percentage. This calculator assumes you're using a conventional loan, so it will automatically add private mortgage insurance if the down payment amount is less than 20%.
4. Loan term: The default is 30 years, but you can also choose a shorter term.
5. Interest rate: Use today's average APR, enter the rate you've been quoted or use the lowest APR NerdWallet partners are offering today.
That's the least you can do. To get more accurate results, fill in the following four categories. (Estimates are fine, but this goes over how to get more specific numbers.)
6. Property taxes (per year): This is autofilled with an estimate, but property taxes vary tremendously throughout the country. Get more precise by looking up the tax rate where you're planning to buy or looking at the tax history for the home you're interested in. You can change the property tax amount by editing the dollar amount or the percentage.
7. Homeowners insurance (per year): Mortgage lenders require borrowers to have homeowners insurance. Not sure what you might pay? This calculator puts in an estimate, but you can use NerdWallet's home insurance calculator to fine-tune it. All you need to know is the property location and the rough amount you'd be looking to insure — use the home's price as a proxy.
8. HOA fees: If the home is part of a homeowners association, put the monthly dues here. (The calculator default is no HOA costs.) This is also information you can likely crib from a home's listing. One other note, if there are HOA fees but you're going to pay them directly rather than with an escrow account, you can omit them here.
9. PMI (monthly): If you've entered a down payment amount under 20%, this will autofill, since the calculator assumes you're using a conventional loan. PMI is tied to your credit score, so if you want a more accurate figure, pop over to NerdWallet's PMI calculator. If you're using a VA loan, you can zero this out, since VA loans do not require mortgage insurance. On the other hand, if you're getting an FHA loan, you'll have to pay mortgage insurance premiums regardless of your down payment amount. For more accurate payment info, use our FHA mortgage calculator.
The calculator's results will update as you adjust the numbers in these fields. The results show you the monthly payment, as well as:
  • Loan amount: How much you're actually borrowing in principal.
  • Total interest paid: How much interest you will pay over the life of the mortgage if you keep it until its term ends. (Most people sell or refinance well before that point, but it's still interesting info.)
  • Payoff date: If you kept the same loan for its entire term, here's the month and year when you'd own the home free and clear.
There's also a simple annual amortization schedule. Amortization shows how your mortgage payment changes over time. Even though the principal and interest payment doesn't change with a fixed-rate mortgage, the percentage of that payment that's going toward each component does. At the beginning of the loan, more goes toward interest; the closer to the end of the loan's term, the more of the payment goes toward principal. If you want a more detailed month-by-month look, yes, NerdWallet has an amortization calculator, too.
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CONSIDERING A REFI? If you're looking to see how much you could save by refinancing your mortgage, try NerdWallet's refinance calculator.
» MORE FOR CANADIAN READERS: Canada mortgage payment calculator