CALCMONEY // MORTGAGE // MN // MINNEAPOLIS
Calculate your monthly mortgage payment using Minneapolis-specific property tax rates and local market data.
$355,000
6.95%
1.2%
105
| Principal & Interest | $1,880 |
| Property Tax | $355 |
| Homeowners Insurance (est.) | $118 |
| Total Monthly Payment (PITI) | $2,353 |
$71,000
$392,776
$100,854/yr
The median home price in Minneapolis is $355,000, near the national median of $420,000. With a median household income of $78,000, the price-to-income ratio is 4.6x — meaning buyers typically spend 4.6 years of gross income on the purchase price.
Property taxes in Minneapolis run 1.2% of assessed value. On the median home, that is $4,260 per year, or $355 per month added to your mortgage payment. This is close to the national average of 1.1%.
Minnesota has a state income tax. Factor your take-home pay into how much mortgage you can comfortably carry each month.
The cost of living index in Minneapolis is 105 (national average = 100). Day-to-day expenses beyond housing are close to the national average.
Once you have your payment estimate, comparing lenders is the most important step. A 0.25% rate difference on a $284,000 loan saves $12,780 in interest over 30 years.
Compare Top Minneapolis Mortgage LendersNeighborhood-level data for 3 ZIP codes in Minneapolis. Rates, home prices, and estimated payments vary by area.