Minnesota Mortgage Calculator

Mortgage and refinance loan payment calculator. Popular areas include Minneapolis, St. Paul, Rochester and Duluth Minnesota.

Share on facebook
Share on twitter
Share on linkedin
Share on reddit

Our Minnesota mortgage calculator enables you to estimate your monthly mortgage payment, including the following:

  • Principal and interest
  • Taxes
  • Insurance
  • Private Mortgage Insurance (PMI)

Your monthly payment changes when updating the home price, down payment, interest rate, and loan term.

Housing affordability continues to fluctuate across Minnesota. The housing trends vary in the North Star State, with larger communities exhibiting higher home prices than smaller, more rural areas. Even within Minneapolis, St. Paul, Rochester, the market varies among neighborhoods. Each area will have a slightly different trend such as Hennepin County, Ramsey County and Dakota County.

Amortization Calculator
$
 

We've included the conforming loan amounts and the estimated property tax rates for each county. This is important because mortgage interest rates are significantly different for home loans above the amounts listed. Please check with your loan officer, bank, lender to verify the conforming loan amounts in your county.

County

Property tax rate

Conforming limit

Aitkin County

0.56%

$548,250

Anoka County

1.11%

$548,250

Becker County

0.79%

$548,250

Beltrami County

1.04%

$548,250

Benton County

1.19%

$548,250

Big Stone County

0.86%

$548,250

Blue Earth County

0.98%

$548,250

Brown County

1.08%

$548,250

Carlton County

1.24%

$548,250

Carver County

1.15%

$548,250

Cass County

0.63%

$548,250

Chippewa County

1.04%

$548,250

Chisago County

1.25%

$548,250

Clay County

1.08%

$548,250

Clearwater County

0.81%

$548,250

Cook County

0.67%

$548,250

Cottonwood County

1.27%

$548,250

Crow Wing County

0.77%

$548,250

Dakota County

1.10%

$548,250

Dodge County

1.14%

$548,250

Douglas County

0.90%

$548,250

Faribault County

1.08%

$548,250

Fillmore County

0.93%

$548,250

Freeborn County

1.10%

$548,250

Goodhue County

1.10%

$548,250

Grant County

1.25%

$548,250

Hennepin County

1.28%

$548,250

Houston County

1.21%

$548,250

Hubbard County

0.79%

$548,250

Isanti County

1.19%

$548,250

Itasca County

0.78%

$548,250

Jackson County

0.99%

$548,250

Kanabec County

1.10%

$548,250

Kandiyohi County

0.99%

$548,250

Kittson County

1.03%

$548,250

Koochiching County

0.78%

$548,250

Lac qui Parle County

1.06%

$548,250

Lake County

0.78%

$548,250

Lake of the Woods County

0.75%

$548,250

Le Sueur County

1.08%

$548,250

Lincoln County

1.23%

$548,250

Lyon County

1.00%

$548,250

McLeod County

1.18%

$548,250

Mahnomen County

1.22%

$548,250

Marshall County

0.85%

$548,250

Martin County

1.02%

$548,250

Meeker County

0.94%

$548,250

Mille Lacs County

1.15%

$548,250

Morrison County

0.95%

$548,250

Mower County

0.96%

$548,250

Murray County

0.81%

$548,250

Nicollet County

1.13%

$548,250

Nobles County

0.95%

$548,250

Norman County

1.13%

$548,250

Olmsted County

1.20%

$548,250

Otter Tail County

0.82%

$548,250

Pennington County

1.09%

$548,250

Pine County

0.90%

$548,250

Pipestone County

0.96%

$548,250

Polk County

0.99%

$548,250

Pope County

0.90%

$548,250

Ramsey County

1.27%

$548,250

Red Lake County

1.12%

$548,250

Redwood County

1.02%

$548,250

Renville County

1.14%

$548,250

Rice County

1.13%

$548,250

Rock County

0.75%

$548,250

Roseau County

1.15%

$548,250

St. Louis County

1.00%

$548,250

Scott County

1.16%

$548,250

Sherburne County

1.11%

$548,250

Sibley County

1.09%

$548,250

Stearns County

1.11%

$548,250

Steele County

1.23%

$548,250

Stevens County

0.90%

$548,250

Swift County

0.95%

$548,250

Todd County

0.93%

$548,250

Traverse County

1.15%

$548,250

Wabasha County

1.14%

$548,250

Wadena County

1.10%

$548,250

Waseca County

1.13%

$548,250

Washington County

1.07%

$548,250

Watonwan County

1.01%

$548,250

Wilkin County

0.82%

$548,250

Winona County

1.00%

$548,250

Wright County

1.07%

$548,250

Yellow Medicine County

1.11%

$548,250

County

Tax Rate

Limit

Aitkin County

0.56%

$548,250

Anoka County

1.11%

$548,250

Becker County

0.79%

$548,250

Beltrami County

1.04%

$548,250

Benton County

1.19%

$548,250

Big Stone County

0.86%

$548,250

Blue Earth County

0.98%

$548,250

Brown County

1.08%

$548,250

Carlton County

1.24%

$548,250

Carver County

1.15%

$548,250

Cass County

0.63%

$548,250

Chippewa County

1.04%

$548,250

Chisago County

1.25%

$548,250

Clay County

1.08%

$548,250

Clearwater County

0.81%

$548,250

Cook County

0.67%

$548,250

Cottonwood County

1.27%

$548,250

Crow Wing County

0.77%

$548,250

Dakota County

1.10%

$548,250

Dodge County

1.14%

$548,250

Douglas County

0.90%

$548,250

Faribault County

1.08%

$548,250

Fillmore County

0.93%

$548,250

Freeborn County

1.10%

$548,250

Goodhue County

1.10%

$548,250

Grant County

1.25%

$548,250

Hennepin County

1.28%

$548,250

Houston County

1.21%

$548,250

Hubbard County

0.79%

$548,250

Isanti County

1.19%

$548,250

Itasca County

0.78%

$548,250

Jackson County

0.99%

$548,250

Kanabec County

1.10%

$548,250

Kandiyohi County

0.99%

$548,250

Kittson County

1.03%

$548,250

Koochiching County

0.78%

$548,250

Lac qui Parle County

1.06%

$548,250

Lake County

0.78%

$548,250

Lake of the Woods County

0.75%

$548,250

Le Sueur County

1.08%

$548,250

Lincoln County

1.23%

$548,250

Lyon County

1.00%

$548,250

McLeod County

1.18%

$548,250

Mahnomen County

1.22%

$548,250

Marshall County

0.85%

$548,250

Martin County

1.02%

$548,250

Meeker County

0.94%

$548,250

Mille Lacs County

1.15%

$548,250

Morrison County

0.95%

$548,250

Mower County

0.96%

$548,250

Murray County

0.81%

$548,250

Nicollet County

1.13%

$548,250

Nobles County

0.95%

$548,250

Norman County

1.13%

$548,250

Olmsted County

1.20%

$548,250

Otter Tail County

0.82%

$548,250

Pennington County

1.09%

$548,250

Pine County

0.90%

$548,250

Pipestone County

0.96%

$548,250

Polk County

0.99%

$548,250

Pope County

0.90%

$548,250

Ramsey County

1.27%

$548,250

Red Lake County

1.12%

$548,250

Redwood County

1.02%

$548,250

Renville County

1.14%

$548,250

Rice County

1.13%

$548,250

Rock County

0.75%

$548,250

Roseau County

1.15%

$548,250

St. Louis County

1.00%

$548,250

Scott County

1.16%

$548,250

Sherburne County

1.11%

$548,250

Sibley County

1.09%

$548,250

Stearns County

1.11%

$548,250

Steele County

1.23%

$548,250

Stevens County

0.90%

$548,250

Swift County

0.95%

$548,250

Todd County

0.93%

$548,250

Traverse County

1.15%

$548,250

Wabasha County

1.14%

$548,250

Wadena County

1.10%

$548,250

Waseca County

1.13%

$548,250

Washington County

1.07%

$548,250

Watonwan County

1.01%

$548,250

Wilkin County

0.82%

$548,250

Winona County

1.00%

$548,250

Wright County

1.07%

$548,250

Yellow Medicine County

1.11%

$548,250

Start the mortgage process today in Minnesota

Start the process for either a purchase or refinance mortgage today and have a licensed loan officer in Minnesota contact you for a custom quote.

In Minnesota how do banks and lenders calculate what mortgage payment I can afford?

In Minnesota the general rule of thumb for determining the mortgage amount a borrower can manage is 2 – 2.5 times your monthly GROSS income. For example, someone earning $100k annual can afford a $200k – $250k mortgage. However, this is only a general guideline and there is more to the process. In addition to your gross income, lenders take into consideration two ratios: the “front-end ratio” and the “back-end ratio.”  The front-end ratio is your mortgage-to-income ratio, representing the (monthly) amount of your income which you can dedicate to paying your mortgage. The ideal ratio is under 30%–although some lenders will allow you to exceed 40%. The back-end ratio is your debt-to-income (DTI) ratio, or the amount of gross income you must cover your debts (loans for cars, education, and credit cards, for example).  Most lenders want to see that number no more than 36% (36% of your income goes to paying debts).  Although there are other factors in determining your overall financial “health,” these best represent your ability to pay the mortgage.

In Minnesota what are other costs that can increase my mortgage payment?

In Minnesota the mortgage payment includes multiple factors, each which can increase (or decrease) the actual mortgage payment. Other than then actual cost of the home, you need to include the following variables:

  • Down Payment (the amount of money you pay up front, not borrowed from the lender)
  • Interest Expenses (the interest rate, the length of the loan and type—whether a fixed or adjustable interest rate)
  • Property Taxes (these vary with the community you are moving into)
  • Insurance (homeowner’s insurance rates will depend on your coverage and can fluctuate)
  • PMI (some lenders require insurance to protect them should you default on the loan)
  • HOA Fees (Some residential communities (especially condominiums and other PUDs) have maintenance fees for shared facilities and amenities offered in the development

In Minnesota how do I calculate my mortgage payment?

When considering a new home purchase or whether to refinance your current mortgage, the best place to start is by estimating your monthly payment. You can utilize our free Minnesota calculator to get a quick estimate. However, you will need a few numbers available:

Mortgage principal (how much you want to borrow—not necessarily the cost of the property).

Monthly interest rate (the fee you pay the bank to borrow money: check out current mortgage rates). This is usually reflected as an APR (annual percentage rate) and is translated to a monthly rate by dividing the rate by 12 (months).

Number of payments (how long do you want to pay on the mortgage). This is easy with a fixed mortgage, but not with an ARM, where the rate will change on a regular basis.

Property taxes (usually the cost of taxes is added to the mortgage payment & added to an escrow account, where the taxes are paid on your behalf at the end of the year).

Homeowner’s Insurance (since type and coverage vary widely, it is best to contact an agent to get some estimates).

PMI, if required (most lenders require this additional insurance when you put down less than 20% of the purchase price of the property).

Lock your mortgage rate today in Minnesota

With a wide variety of financing options, our team of experts can help you find and lock in the best current rate for purchasing your home or refinancing your existing mortgage. Contact us to get started with a Minnesota mortgage loan today!

Whether you are a math nerd who aspires to do the math by hand or simply want to understand how Minnesota mortgage payments are calculated, the formula looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Key:

  • M = monthly mortgage payment
  • P = principal amount
  • I = monthly interest rate (usually listed as an annual percentage rate)
  • N = number of payments over the life of the loan (360 payments for 30 years, etc)

In Minnesota if you are obtaining a fixed mortgage, whether it be 30, 15, or even 5 years, you are probably curious to see how much you are paying in interest.  One thing to remember is that in the U.S., interest is paid in arrears. So, your monthly payment includes interest for the 30 days BEFORE your due date. Since fixed mortgages are fully amortized installment loans, the amortization schedule shows how the split between principal and interest changes over time. In the early years of the mortgage term, most of your payment will go towards interest. However, as you pay down the principal, less interest will accrue and more of your payment is applied to the principal.

In Minnesota the longer you finance your home for, the lower your monthly payments will be. Conversely, a shorter (or adjustable rate) term usually equates to a lower interest rate. Its important to run the numbers on multiple scenarios to find out what works best for you.

If you already have a mortgage and are looking for an opportunity to lower your current monthly payments, consider the following:

  • Refinance at a lower rate
  • Refinance to a longer term
  • Eliminate mortgage insurance
  • Apply for mortgage forbearance or loan modification (in case of financial hardship)

In Minnesota an Amortization Schedule calculator provides a schedule of how much is paid for each portion of the mortgage payment over time. A mortgage calculator allows you to plug in the mortgage amount, term (number of payments) and the APR (interest rate per year) and determine the total you will pay in principal and interest over the life of the loan.

Get started with a purchase or refinance mortgage loan today!

Get started with a purchase or refinance mortgage loan today!

Mortgage calculator by state

Articles

Articles

Articles

Related searches: adjustable, conforming, jumbo, payment, loan, refinance, amortization, rate, payoff, simple, 30 year fixed, 20 year fixed, 15 year fixed, 10 year fixed, 10 year ARM, 7 year ARM, 5 year ARM, 3 year ARM, Minneapolis mortgage calculator, St. Paul mortgage calculator, Rochester mortgage calculator, Duluth mortgage calculator, Bloomington mortgage calculator, Mortgage calculator MN