Minnesota mortgage payment calculator

All-in cost first, always. Estimate only — not a loan quote or pre-approval.

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Rate via FRED

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Minnesota at a glance

Median home price
$375,000
Typical closing costs
2%–5% of price
Transfer tax
0.33% of sale price, customarily paid by seller
Closing custom
escrow
Homestead exemption
Minnesota's Homestead Market Value Exclusion (enacted 2011, replacing the old homestead credit) reduces the TAXABLE market value (not the tax bill directly) for owner-occupied homestead property. Homes valued at $95,000 or less get a 40% exclusion (max $38,000); the exclusion shrinks as value rises — for homes between $95,000 and $517,200 it's $38,000 minus 9% of the value over $95,000 — and phases out entirely at $517,200+. Applied automatically once a property is classified as homestead with the county assessor (a one-time application is required to establish homestead classification, but the exclusion itself needs no separate action).

First-time buyer / down payment assistance programs

  • Minnesota Housing Start Up Loan Program

    Minnesota Housing's (the state HFA) primary fixed-rate first mortgage for first-time homebuyers statewide (defined as not having owned a principal residence in the prior 3 years), offered through participating lenders with competitive below-market rates; can be paired with an optional down payment and closing cost loan.

  • Minnesota Housing Monthly Payment Loan / Deferred Payment Loan (down payment assistance)

    Down payment and closing cost assistance paired with a Start Up (or Step Up) first mortgage: the Monthly Payment Loan offers up to $18,000 at the same rate as the first mortgage, repaid monthly over 10 years; a Deferred Payment Loan variant is also available with no monthly payment, repaid at sale/refinance/payoff. Borrower must contribute at least $1,000 of their own funds toward the purchase.

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Affordability calculator

Income, savings, and debts in — max home price and qualification signal out.

PMI removal calculator

When your PMI is scheduled to end, by law and by request.

Mortgage points calculator

Should you buy down your rate? Break-even and lifetime cost comparison.

Related reading

Closing Costs in Minnesota: What You'll Actually Pay

9 min read

Minnesota taxes both the sale and the loan. On a $375,000 home with 20% down that's $1,238 in deed tax plus $690 in mortgage registry tax, before a single lender fee.

What Is PMI, and How Do You Get Rid of It?

15 min read

Private mortgage insurance explained in plain English — what it costs, why it exists, the exact federal rules for cancelling it, and how to work out the month your PMI is scheduled to end.

Guides & templates

Buying a Home With Someone Else

$4.99

The operational guide to buying property with a partner, friend, sibling, or parent — credit and DTI mechanics, title vesting, a clause-by-clause co-ownership agreement, and how the exit actually works.

The First-Time Buyer's Playbook: 12 Months to Closing Day

$4.99

A month-by-month plan for the year before you buy: what to do in each phase, what never to touch, how to document every dollar, and how to survive closing day.