CALCMONEY // MORTGAGE // MN
Calculate your monthly mortgage payment using Minnesota-specific property tax rates, current average interest rates, and local median home prices.
Open Full Calculator$340,000
6.95%
1.12%
5.35%–9.85%
How today's 6.95% rate compares to recent years
| Period | 30-Yr Rate | vs. Today |
|---|---|---|
| 2026 (current) | 6.95% | — |
| 2024 avg | 7.37% | -0.42% |
| 2023 avg | 7.80% | -0.85% |
| 2022 peak | 7.63% | -0.68% |
| 2021 avg | 3.55% | +3.40% |
| 2020 avg | 3.35% | +3.60% |
Rate estimates based on Freddie Mac Primary Mortgage Market Survey national averages adjusted for Minnesota market conditions. Actual rates vary by lender and borrower profile.
| Principal & Interest | $1,800 |
| Property Tax | $317 |
| Homeowners Insurance (est.) | $113 |
| Total Monthly Payment (PITI) | $2,231 |
$68,000
$376,179
$95,621/yr
Minnesota homebuyers face a $340,000 median price, 19% below the national figure. Against the state's $77,700 median household income, that's a 4.4x price-to-income ratio.
Property taxes in Minnesota average 1.12% of assessed value, above the 1.1% national average. On the median home, that's $3,808 a year, or $317 added to the monthly payment.
Unlike the nine no-income-tax states, Minnesota taxes wage income at 5.35%–9.85%. Worth running your actual take-home pay against the $2,231/month payment here before locking in a target price.
Day-to-day expenses statewide track at 98 against the national 100 baseline, below average once you look past the mortgage payment itself.
Minnesota's median home price runs almost identical to North Carolina, both landing close to $340,000.
Once you have your payment estimate, comparing lenders is the most important step. A 0.25% rate difference on a $272,000 loan saves $12,240 in interest over 30 years.
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