Minnesota Mortgage Calculator

Minnesota taxes homes at about 1% of value, and a homestead is classified at a lower rate than rental property. Hail and wind push insurance above the national average. At closing, two state taxes apply: a deed tax, usually paid by the seller, and a mortgage registry tax paid by the buyer.

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The calculator is pre-filled for a $344,600 home (the Minnesota median, ranked 24th of 51) with 20% down at 7.40%. That comes to $2,367.34 a month: $1,908.75 principal and interest, $292.92 tax, $165.67 insurance. With 5% down and PMI it is $2,861.63.

Homestead exemptions and property tax relief

Filing for homestead status with the county is essential. It gives you the lower homestead classification and the Homestead Market Value Exclusion, which removes 40% of the first $95,000 of value and phases out entirely at $517,200. Many owners also qualify for the state Homestead Credit Refund (form M1PR).

First-time buyer programs

Minnesota Housing's Start Up program for first-time buyers can be paired with a Deferred Payment Loan of up to $14,000, or up to $18,000 through DPL Plus. It is interest-free with no monthly payments and is repaid when you sell, refinance or pay off the first mortgage.

Transfer and recording taxes

The deed tax is 0.33% of the price, about $1,137 on a $344,600 home. The buyer's mortgage registry tax is 0.23% of the loan, about $634 on a $275,680 loan. In Hennepin and Ramsey counties, each rate is 0.01 point higher.

Closing costs to plan for

The mortgage registry tax is a buyer cost that many other states don't have. Add lender and title fees, and expect property tax prorations based on the county's half-year payment schedule.

When property tax bills are due

Minnesota property taxes are paid in two halves, May 15 and October 15. The bill is based on the previous year's January 2 assessment, so a buyer usually pays the bill the seller's value produced, prorated at closing.

Before you buy in Minnesota

Homestead classification lowers the tax on a home you own and live in, and it is not automatic. Apply with the county assessor by December 31 to get it on the next year's taxes. You must own the home, live in it as your primary residence and be a Minnesota resident. Many owners can also claim the Homestead Credit Refund on Form M1PR. For 2025 property taxes the filing deadline was August 15, 2026, and claims are accepted through August 16, 2027.

2026 loan limit in Minnesota

FHFA 2026 one-unit conforming limits: all 87 counties use the $832,750 baseline. A median-home loan of $275,680 is conforming.

Minnesota numbers used above

MeasureMinnesotaU.S.
Median home value (ACS 2024)$344,600$360,600
Effective property tax rate1.02% (17th highest)0.89%
Average HO-3 premium (NAIC 2023)$1,988$1,737
Median household income$87,117$81,604
Median gross rent$1,291$1,487
Income needed at 28% (20% down)$101,457–

Frequently asked questions

When are Minnesota property taxes due?

Half by May 15 and half by October 15.

How do I get homestead classification in Minnesota?

Apply with the county assessor by December 31 for the following year's taxes.

What is the Minnesota Homestead Credit Refund?

A refund claimed on Form M1PR for homeowners who meet income limits. For 2025 taxes it was due August 15, 2026, with claims accepted through August 16, 2027.

What is the median-home payment in Minnesota?

About $2,367.34 a month on a $344,600 home with 20% down at 7.40%, including tax and insurance.

Sources

See also: all states · house affordability · Minnesota paycheck