Monthly Payment on a $200K Mortgage in Minnesota
Using Minnesota's 1.12% property tax rate and $2,100/yr homeowners insurance.
$200K 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% | $1,551 | $1,489 | $1,270 |
| 6.0% | $1,612 | $1,546 | $1,321 |
| 6.5% | $1,673 | $1,604 | $1,373 |
| 7.0% | $1,737 | $1,664 | $1,426 |
| 7.5% | $1,801 | $1,725 | $1,480 |
| 8.0% | $1,867 | $1,787 | $1,536 |
How This Compares to Minnesota's Median
A $200K home is 40% below Minnesota's median of $335K. You'll find homes at this price in cities like Austin.
Income Needed for a $200K Home in Minnesota
To afford this payment of $1,604/mo in Minnesota, you'd need a household income of approximately $69K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $70K salary can afford →Closing Costs in Minnesota
Estimated closing costs in Minnesota: $3K (1.4% of purchase price). Minnesota also charges a 0.33% transfer tax, which may add $660 to your transaction costs.
What to Know About a $200K Mortgage in Minnesota
With 10% down ($20,000), your loan of $180,000 at 6.5% over 30 years produces a principal and interest payment of $1,138/mo. Adding Minnesota's 1.12% property tax ($187/mo) and $2,100/yr insurance ($175/mo) brings your total to $1,604/mo. Because you're putting less than 20% down, PMI adds $105/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $229,580 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $21,536 over the life of the loan.