Mortgage Calculator MN

Welcome to our efficient and reliable mortgage calculator MN. Whether you're planning to buy a home or refinance in Minnesota, our Minnesota mortgage calculator is designed to help you estimate your mortgage payments accurately.

5%

1%

5%

1421

Monthly Payment

Principal & Interest 1421

Monthly Taxes 1421

Monthly HOA 1421

Monthly Insurance 1421

Using our mortgage calculator in MN, you can explore various loan scenarios and assess affordability. Our user-friendly mortgage calculator Minnesota provides you with detailed information about your monthly payments, making it easier for you to plan your finances.

Make informed decisions about your home financing with our dedicated mortgage calculator MN. Take the first step towards achieving your homeownership goals by using our Minnesota mortgage calculator today.

mortgage calculator MN

Mortgage Calculator Minnesota With PMI

Here is a mortgage calculator Minnesota with PMI:

  1. Purchase Price: $300,000
  2. Down Payment: 10% = $30,000
  3. Loan Amount: $270,000
  4. Interest Rate: 6.5%
  5. Term: 30 years
  6. PMI: 0.5% of
  7. loan amount = $1,350 per year

Monthly Payment:

  1. Principal and Interest: $1,389
  2. PMI: $112.50
  3. Property Taxes: $150
  4. Homeowners Insurance: $100
  5. Total Monthly Payment: $1,741.50

Total Cost of PMI:

Over 30 years: $40,500

Over 15 years: $20,250

PMI Waiver:

You may be able to get a PMI waiver if you have a credit score of 720 or higher and a down payment of at least 15%.

PMI Cancelation:

PMI can usually be canceled once you have 20% equity in your home.

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Mortgage Rates MN

here are some mortgage rates in Minnesota as of today, August 2, 2023:

  • 30-year fixed: 6.961%
  • 15-year fixed: 5.949%
  • 5-year ARM: 7.585%
  • 7-year ARM: 7.785%
  • 10-year ARM: 7.885%

Current Refinance Rates In Minnesota

  • 30-year fixed: 6.975%
  • 15-year fixed: 5.972%
  • 5-year ARM: 7.581%
  • 7-year ARM: 7.781%
  • 10-year ARM: 7.881%

These rates are based on a conventional loan with a 20% down payment and a credit score of 740.

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Average Down Payment On A Home In Minnesota

The average down payment on a home in Minnesota is 10%. However, the amount of down payment you need will depend on the type of loan you choose and your individual circumstances. For example, if you get an FHA loan, you can put down as little as 3.5%. However, if you get a conventional loan, you will need to put down at least 20%.

Minnesota Mortgage Tax Calculator

The Minnesota mortgage tax calculator is a valuable tool to estimate the amount of mortgage tax you'll be required to pay when purchasing a home in Minnesota. This mortgage tax is a state-level tax based on the mortgage amount.

Additionally, there's the Minnesota mortgage registration tax, which is a county-level tax paid upon recording the mortgage document. The total mortgage tax amount is determined by the home's purchase price and the mortgage amount.

On the other hand, the mortgage registration tax is usually a fixed fee, although it can vary depending on the county. Utilize the Minnesota mortgage tax calculator to accurately estimate these taxes and plan your home purchase accordingly.

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Minnesota Estate Tax

The Minnesota estate tax is a tax on the transfer of property at death. It is a progressive tax, which means that the tax rate increases as the value of the estate increases.

The Minnesota estate tax exemption for 2023 is $3 million. This means that estates worth less than $3 million are not subject to the Minnesota estate tax.

Best Minnesota Mortgage Companies:

U.S. Bank is a leading national bank with a strong presence in Minnesota. They offer a variety of mortgage products, including conventional, FHA, and VA loans.


Wells Fargo is another large national bank with a good reputation for mortgages. They offer a wide range of products and services, and they have a large network of branches in Minnesota.


Home Mortgage Minnesota is a local mortgage lender with a long history of serving Minnesotans. They offer competitive rates and terms, and they have a team of experienced loan officers who can help you find the right mortgage for your needs.


Northstar Mortgage is another local mortgage lender with a strong reputation in Minnesota. They offer a variety of mortgage products, and they have a team of experienced loan officers who can help you through the entire mortgage process.


Summit Mortgage is a national mortgage lender with a growing presence in Minnesota. They offer competitive rates and terms, and they have a team of experienced loan officers who can help you find the right mortgage for your needs.

Minnesota Closing Costs Calculator

A Minnesota closing costs calculator is a tool that helps you estimate the closing costs you will incur when buying a home in Minnesota. Closing costs are the fees and expenses associated with the purchase of a home, and they can vary depending on the location of the property, the type of loan you are getting, and your down payment amount.


Closing costs typically range from 2% to 6% of the purchase price of the home, but they can be higher in some cases. The most common closing costs include:

  1. Appraisal fee
  2. Title insurance
  3. Lender origination fees
  4. Recording fees
  5. Property taxes
  6. Homeowners insurance
  7. Prepaid interest

mortgage calculator MN-FAQs:

What is the highest interest rate in Minnesota?

8.25%

Does Minnesota have a high tax rate?

No, Minnesota's tax rate is below the national average.

What is the highest bank interest rates ever?

20% (in 1981)

What is the annual interest rate in Minnesota?

3.45% (as of March 8, 2023)

What are interest rates in Minneapolis?

The point of using dummy t3.5% (as of March 8, 2023)

Mortgage Calculator MN