Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
Minnesota mortgage costs
What a typical Minnesota (MN) purchase actually costs each month once property tax, insurance and PMI are included — and how to model your own numbers.
| Median home price | $340,000 |
|---|---|
| 10% down payment | $34,000 |
| Loan amount | $306,000 |
| Principal & interest (30yr @ 6.75%) | $1,985/mo |
| Property tax (1.05%) | $298/mo |
| Homeowners insurance | $200/mo |
| PMI (until 20% equity) | $128/mo |
| Estimated total monthly | $2,610/mo |
Illustrative only, at a 6.75% sample rate with 10% down. Your rate, tax assessment and insurance premium will differ.
What makes Minnesota different
A high top income tax rate makes itemising worthwhile more often than the SALT cap alone would suggest.
A top state income tax rate of 9.85% makes mortgage interest and property tax deductions worth more here than in a no-income-tax state — though the $10,000 SALT cap limits how much of the $3,570 annual property tax bill actually reduces what you owe.
Homeowners insurance is unusually expensive here — $2,400 a year, the 15th highest in the country. That is $200 a month, and unlike principal and interest it is not fixed for thirty years; premium increases land on top of a payment you already committed to.
Property tax outweighs insurance on a median home here, $298 against $200 a month, so an assessment appeal is worth more than a policy switch.
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