Monthly Payment on a $100K Mortgage in Minnesota
Using Minnesota's 1.12% property tax rate and $2,100/yr homeowners insurance.
$100K Mortgage in Minnesota: Rate Comparison
Monthly PITI payment using Minnesota's 1.12% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $863 | $832 | $723 |
| 6.0% | $893 | $860 | $748 |
| 6.5% | $924 | $890 | $774 |
| 7.0% | $956 | $920 | $801 |
| 7.5% | $988 | $950 | $828 |
| 8.0% | $1,021 | $981 | $855 |
How This Compares to Minnesota's Median
A $100K home is 70% below Minnesota's median of $335K. This is well within reach in many Minnesota communities.
Income Needed for a $100K Home in Minnesota
To afford this payment of $890/mo in Minnesota, you'd need a household income of approximately $38K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in Minnesota
Estimated closing costs in Minnesota: $1K (1.4% of purchase price). Minnesota also charges a 0.33% transfer tax, which may add $330 to your transaction costs.
What to Know About a $100K Mortgage in Minnesota
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding Minnesota's 1.12% property tax ($93/mo) and $2,100/yr insurance ($175/mo) brings your total to $890/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.