Mortgage on a $200K house in Minnesota
$1,350 a month with 20% down — $1,076 principal and interest plus $173 property tax and $100 insurance.
Minnesota's typical property tax is 1.04% of the home's value a year (U.S. average 0.9%), which adds $173 a month on a $200K home. The typical home in Minnesota is worth $348,778, so $200K is 43% below the typical price.
$200K home in Minnesota: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $40,000 | $160,000 | $1,076 | $0 | $273 | $1,350 | $57,800 |
| 10% down | $20,000 | $180,000 | $1,211 | $75 | $273 | $1,559 | $66,800 |
| 5% down | $10,000 | $190,000 | $1,278 | $79 | $273 | $1,631 | $69,900 |
| 3.5% down (FHA) | $7,000 | $196,378 | $1,321 | $88 | $273 | $1,683 | $72,100 |
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 $200K buy a typical home?
In these counties the typical home value is within 15% of $200K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Swift County | $200,692 | 0.86% | $1,319 |
| Marshall County | $199,293 | 0.8% | $1,310 |
| Mower County | $201,999 | 1.03% | $1,348 |
| Freeborn County | $197,437 | 1.11% | $1,362 |
| Pipestone County | $205,022 | 0.86% | $1,320 |
| Big Stone County | $205,428 | 0.87% | $1,322 |
| Lincoln County | $207,341 | 0.96% | $1,336 |
| Renville County | $192,374 | 1.04% | $1,349 |
| Pennington County | $191,990 | 1.26% | $1,386 |
| Red Lake County | $208,265 | 1% | $1,343 |
| Redwood County | $187,335 | 1% | $1,343 |
| Lac Qui Parle County | $216,260 | 0.9% | $1,327 |
14 of 87 Minnesota counties tracked by Zillow have a typical home value at or below $200K. See all Minnesota home prices.
Other prices in Minnesota
Frequently asked questions
What is the mortgage on a $200K house in Minnesota?
About $1,350 a month with 20% down at 7.11%: $1,076 principal and interest, $173 property tax and $100 insurance.
How much do I need to make to buy a $200K house in Minnesota?
About $57,800 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $200K house in Minnesota?
At Minnesota's typical effective rate of 1.04%, about $2,081 a year. Rates vary by county and city — see the county pages.