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
$355,000 buys the median home in Minneapolis right now. With 20% down, that's a $71,000 down payment and a $284,000 loan, set against a $78,000 median household income.
At a 1.2% effective rate, Minneapolis property taxes add $355 to the monthly payment on the median home, $4,260 a year in total.
Minnesota levies a state income tax on top of the $2,353/month this mortgage runs. Model your real after-tax take-home before deciding how much payment you can carry.
Minneapolis's cost of living index is 105, above the 100 national baseline. That's on top of the housing numbers above, not instead of them.
Minneapolis's median home price runs 22% higher than nearby St. Paul: $290,000 there versus $355,000 here.
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 LendersSt. Paul
$290,000 median
MNRochester
$320,000 median
MNDuluth
$215,000 median
MNBloomington
$312,000 median
Neighborhood-level data for 3 ZIP codes in Minneapolis. Rates, home prices, and estimated payments vary by area.