Typical Minnesota mortgage payment
The median home price in Minnesota is roughly $340,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,689 | $1,825 |
| 5.50% | $2,778 | $1,930 |
| 6.00% | $2,869 | $2,038 |
| 6.50% | $2,962 | $2,149 |
| 7.00% | $3,056 | $2,262 |
| 7.50% | $3,152 | $2,377 |
| 8.00% | $3,249 | $2,495 |
At 6.50% over 30 years, a $340,000 home in Minnesota costs about $2,149/month in principal & interest.
What affects your Minnesota payment?
- Property taxes & insurance vary by county and aren't included above.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price is an approximate estimate. Figures are principal & interest only and exclude taxes, insurance and fees. Not financial advice.