United States · Minnesota

Minnesota mortgage calculator

Estimate your monthly payment in Minnesota — principal & interest, property tax, and insurance — using the live national average rate and Minnesota's estimated ~1.11% effective property tax rate. Adjust any figure below.

Affording a home in Minnesota

Stretched

Median home price: $322,000
Income needed: $93,000; to qualify (28% rule, 20% down)
Typical household income: $80,000
Income gap: +$13,000

A median Minnesota home costs $322k and needs $13k more annual income than the typical household earns.

Data as of 2026-06-30. Sources: Zillow ZHVI, U.S. Census ACS, Splitero. Median is a statewide figure — expensive cities and more affordable rural areas vary widely.

A single median income can qualify in Minnesota — here's what that looks like

The typical Minnesota household earns $80,000/year. To buy a median-priced home here, lenders generally want to see $93,000/year — which a single median income can cover. Minnesota is one of the more accessible markets in the country right now.

The roles and income paths that commonly reach it in Minnesota are listed below — some single high-earning roles, some two incomes combined.

Roles and income paths that commonly meet the income in Minnesota

Nurse
Engineer
Teacher
Accountant

Pay varies widely by employer, experience, and city — these are paths that often (not always) reach the income needed, not a guarantee for any individual. Entries like “+ partner income” mean two incomes combined.

First-time buyer programs available in Minnesota

MHFA Start Up Program
Step Up Program
$17,000 DPA available

Programs and their terms change — verify current availability and eligibility with the official state housing agency before relying on any of these.

What makes Minnesota legally different for homebuyers

Minnesota's combination of a 6-month redemption period AND no deficiency judgment available (in most nonjudicial cases) is one of the strongest homeowner protection packages in the US. Deficiency judgments are prohibited when the nonjudicial process is used and the redemption period is 6 months.

If you buy here

Minnesota's protection from deficiency judgments in most foreclosures is meaningful. Minnesota homeowners insurance has also risen ~29% in 2026 — budget carefully for this ongoing cost.

Foreclosure: nonjudicial, ~7 mo
Post-sale redemption: 6 months (1 year if over 10 acres; 5 weeks if abandoned)
Anti-deficiency protection: Yes

General overview only — laws change and individual situations vary. Consult a real estate attorney for advice specific to your purchase. (Verified 2026-06-30.)

A clean, printable one-page summary — free, no account needed.

Loan details

Understanding your numbers before you sign.

A mortgage is likely the largest financial commitment of your life. The Mortgage Ledger was built so you can explore what that commitment actually looks like — payment by payment, line by line — before you're sitting across from a lender.

Rates sourced from FRED (Federal Reserve Bank of St. Louis). Estimates only — not a loan offer.

Enter loan details to see your payment.

Save & share

Save scenarios to compare them later — they stay in this browser.

Compare scenarios

Save a scenario above, then compare it side by side with your current inputs here.

Mortgage rate trend

Past year, weekly national average

Loading rate history…

Phase 2 preview of the new country-first structure — not yet indexed. The live site is running unchanged.