Minnesota Mortgage Calculator
Calculate your monthly payment in Minnesota, with property tax included using the state's effective rate of 1.02%. See your full amortization schedule and analyze your loan structure.
Pick a state to use its property tax rate. With a keyboard, use the arrow keys and press Enter.
Estimated Monthly Payment
Estimates only. Does not include homeowners insurance, mortgage insurance (PMI), or HOA fees. Property tax uses the state's average effective rate and your actual bill may differ.
Yearly Amortization Schedule
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
Property tax in Minnesota: the numbers
Property tax in Minnesota runs somewhat higher than the national picture. The effective rate of 1.02% compares with 0.92% nationally, a difference of 11%, and the state shares 19th place with Maine when the 50 states are ranked from highest rate to lowest.
Looking at the median home in Minnesota ($329,300), the median annual property tax is $3,357. Divided by twelve, that is about $280 each month.
| Effective property tax rate | 1.02% |
|---|---|
| Median home value | $329,300 |
| Median annual property tax | $3,357 |
| Rank by rate (1 = highest of 50) | 19 (tied with Maine) |
| Difference vs 0.92% national average | 0.10 points above (11% above) |
What this means for your monthly payment
Two worked examples for Minnesota, using the figures above:
Example 1: the median home
$3,357 per year ÷ 12 = about $280 per month in property tax (median home value: $329,300).
Example 2: a $300,000 home
$300,000 × 1.02% ÷ 12 = about $255 per month, or $3,060 per year.
At the 0.92% national average rate, a $300,000 home would have about $2,760 in property tax per year. In Minnesota it is about $3,060, which is $300 more per year (about $25 more per month).
Compare with similar states
States ranked just above and just below Minnesota by effective property tax rate (1 = highest). States with the same rate are ordered by median annual tax.
Ranked just above (higher rate)
- Michigan — 1.25% (rank 14)
- Rhode Island — 1.21% (rank 15)
- Alaska — 1.11% (rank 16)
- Massachusetts — 1.07% (rank 17)
- South Dakota — 1.06% (rank 18)
Ranked just below (lower rate)
- Maine — 1.02% (rank 19)
- North Dakota — 0.99% (rank 21)
- Maryland — 0.97% (rank 22)
- Missouri — 0.85% (rank 23)
- Washington — 0.81% (rank 24)
Minnesota property tax FAQ
What is the property tax rate in Minnesota?
The effective property tax rate in Minnesota is 1.02%. That is 11% above the 0.92% national average, and the state shares 19th place with Maine when the 50 states are ranked from highest rate to lowest.
How much is property tax on a $300,000 home in Minnesota?
At Minnesota's effective rate of 1.02%, property tax on a $300,000 home works out to about $3,060 per year, or about $255 per month. At the 0.92% national average, the same home would be about $2,760 per year, so Minnesota is about $300 more per year.
How much is property tax on the median home in Minnesota?
The median home value in Minnesota is $329,300, and the median annual property tax is $3,357, which is about $280 per month.
Does the property tax rate vary inside Minnesota?
Yes. Property taxes are set locally, so actual bills depend on your county, city, and exemptions. The 1.02% figure is a state-level estimate based on medians, not a rate that applies to every home.
Figures are estimates based on Census data and are not tax or financial advice. Actual bills depend on your local rates, assessed value and exemptions.
Source: U.S. Census Bureau, American Community Survey 2020-2024 5-year estimates, as compiled by PropertyShark and PropertyTaxByState.