Fargo vs Minneapolis: Mortgage Cost Comparison
Thinking about buying in Fargo or Minneapolis? Here's a side-by-side comparison of mortgage costs in both cities.
$1,783
Fargo PITI
$2,220
Minneapolis PITI
$438/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Fargo vs Minneapolis: Full Mortgage Comparison
Buying a home in Fargo is $438/month cheaper based on average home prices and local costs.
| Fargo, ND | Minneapolis, MN | |
|---|---|---|
| Avg. Home Price | $275,000 | $340,000 |
| Down Payment (20%) | $55,000 | $68,000 |
| Loan Amount | $220,000 | $272,000 |
| Property Tax Rate | 1.02% | 1.18% |
| Annual Property Tax | $2,805 | $4,012 |
| Annual Insurance | $1,900 | $2,000 |
| Monthly P&I | $1,391 | $1,719 |
| Monthly PITI | $1,783 | $2,220 |
| Total Interest (30yr) | $280,598 | $346,921 |
What Drives the Difference?
Home prices are the biggest factor — Minneapolis’s average home costs $65,000 more than Fargo’s.
Property taxes also favor Fargo — Minneapolis’s 1.18% rate is higher than Fargo’s 1.02%.
Insurance is $100/year more in Minneapolis.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Fargo | Minneapolis | |
|---|---|---|
| Monthly PITI | $1,783 | $2,220 |
| Income needed | $76,399 | $95,153 |
Try Your Own Numbers
The calculator above is pre-filled with Fargo’s averages. Adjust the values to match your situation, or try the Minneapolis calculator for Minneapolis-specific numbers.