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.
Minneapolis mortgage calculator
A median-priced Minneapolis, MN home at 6.75% over 30 years, with Minnesota property tax of 1.05% and $2,400 a year of homeowners insurance. Every figure below is computed on our amortising engine — nothing is estimated in the browser.
$2,744 a month, all in
Principal and interest are $2,084; escrow and PMI add the rest. Over the full term the loan costs $428,920 in interest. Discounted at 5%, buying here has a net present value of $77,165 ($318,261 in today’s dollars).
Within Minnesota, Minneapolis is 2nd of the 5 Minnesota markets covered here, between Bloomington at the top and Duluth at the bottom of a 1.47x spread. A state-level median hides most of that.
Rents here are high relative to prices — a rent index of 1.15 against a price index of 1.05. That combination favours buying sooner, because the payment you avoid is larger relative to the price you pay.
Minneapolis carries a premium over the rest of Minnesota: a median home here runs $357,000, about 5% above the state median of $340,000. The deposit moves with it, so the same 20% down is $71,400 rather than $68,000.
Monthly cost in Minneapolis vs comparable rent
Owning is stacked by component; renting is the local median asking rent.
The monthly breakdown
| Median home price | $357,000 |
|---|---|
| Down payment (10%) | $35,700 |
| Loan amount | $321,300 |
| Principal & interest | $2,084/mo |
| Property tax (1.05%) | $312/mo |
| Homeowners insurance | $200/mo |
| PMI while above 80% LTV | $147/mo |
| Total monthly payment | $2,744/mo |
| Comparable rent | $1,782/mo |
What a rate move does to the Minneapolis payment
| Rate | Principal & interest |
|---|---|
| 5.5% | $1,824/mo |
| 6% | $1,926/mo |
| 6.5% | $2,031/mo |
| 7% | $2,138/mo |
| 7.5% | $2,247/mo |
| 8% | $2,358/mo |
Rent or buy in Minneapolis?
Against $1,782 a month in rent, over 7 years renting leaves you about $50,180 better off — $42,215 once 2.5% inflation is stripped out. See the Minnesota rent-vs-buy page.
Where these numbers come from
Minnesota medians come from editorial and are refreshed weekly. The Minneapolis figures index those state medians to the local market, so they track the same feed rather than going stale. Insurance and the state income tax rate are editorial. Treat everything here as a planning estimate, not a quote.