Mortgage on a $150K house in Minnesota
$1,012 a month with 20% down — $807 principal and interest plus $130 property tax and $75 insurance.
Minnesota's typical property tax is 1.04% of the home's value a year (U.S. average 0.9%), which adds $130 a month on a $150K home. The typical home in Minnesota is worth $348,778, so $150K is 57% below the typical price.
$150K home in Minnesota: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $30,000 | $120,000 | $807 | $0 | $205 | $1,012 | $43,400 |
| 10% down | $15,000 | $135,000 | $908 | $56 | $205 | $1,169 | $50,100 |
| 5% down | $7,500 | $142,500 | $959 | $59 | $205 | $1,223 | $52,400 |
| 3.5% down (FHA) | $5,250 | $147,283 | $991 | $66 | $205 | $1,262 | $54,100 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.04% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Minnesota does $150K buy a typical home?
In these counties the typical home value is within 15% of $150K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Traverse County | $151,419 | 0.99% | $1,006 |
| Kittson County | $145,496 | 0.92% | $997 |
| Koochiching County | $157,546 | 0.74% | $975 |
| Faribault County | $161,984 | 0.99% | $1,005 |
| Cottonwood County | $169,239 | 1.05% | $1,014 |
1 of 87 Minnesota counties tracked by Zillow have a typical home value at or below $150K. See all Minnesota home prices.
Other prices in Minnesota
Frequently asked questions
What is the mortgage on a $150K house in Minnesota?
About $1,012 a month with 20% down at 7.11%: $807 principal and interest, $130 property tax and $75 insurance.
How much do I need to make to buy a $150K house in Minnesota?
About $43,400 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $150K house in Minnesota?
At Minnesota's typical effective rate of 1.04%, about $1,561 a year. Rates vary by county and city — see the county pages.