Minneapolis, MN Mortgage Calculator
Calculate your estimated mortgage payment for a home in Minneapolis, MN. Pre-filled with Minneapolis's average home price of $340,000, local property tax rate of 1.18%, and typical insurance costs.
$340,000
Avg. Home Price
1.18%
Property Tax Rate
$2,000
Avg. Annual Insurance
-
? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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? The date of the last payment
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? The date of the last bi-weekly payment
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? Total interest paid
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? Total interest paid if bi-weekly payments made
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? Monthly property tax paid (included in above PITI payment)
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? Monthly Home Insurance paid (included in above PITI payment)
Minneapolis, MN Mortgage Overview
The average home in Minneapolis costs around $340,000. With a 20% down payment of $68,000, you would need a loan of $272,000.
Minneapolis homeowners pay a property tax rate of approximately 1.18%, which translates to about $4,012 per year on the average home. Annual homeowners insurance in Minneapolis averages around $2,000.
What Affects Your Minneapolis Mortgage Payment?
Your monthly PITI payment in Minneapolis includes four components:
- Principal — the portion that reduces your loan balance
- Interest — the cost of borrowing, based on your rate and remaining balance
- Taxes — Minneapolis’s property taxes average 1.18%, higher than the Minnesota state average of 1.11%
- Insurance — homeowners insurance in Minneapolis averages $2,000/year
Tips for Minneapolis Home Buyers
- Compare rates from multiple Minneapolis lenders — even a 0.25% rate difference can save tens of thousands over the life of your loan
- Check your credit score before applying — a higher score means better rates
- Consider bi-weekly payments — paying every two weeks instead of monthly can shave years off your mortgage
- Factor in PMI — if your down payment is less than 20%, you’ll pay Private Mortgage Insurance until you reach 80% loan-to-value
- Look at Minneapolis first-time buyer programs — many Minnesota cities offer down payment assistance or reduced rates for first-time buyers
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