Mortgage on a $250K house in Minnesota
$1,687 a month with 20% down — $1,345 principal and interest plus $217 property tax and $125 insurance.
Minnesota's typical property tax is 1.04% of the home's value a year (U.S. average 0.9%), which adds $217 a month on a $250K home. The typical home in Minnesota is worth $348,778, so $250K is 28% below the typical price.
$250K home in Minnesota: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $50,000 | $200,000 | $1,345 | $0 | $342 | $1,687 | $72,300 |
| 10% down | $25,000 | $225,000 | $1,514 | $94 | $342 | $1,949 | $83,500 |
| 5% down | $12,500 | $237,500 | $1,598 | $99 | $342 | $2,038 | $87,400 |
| 3.5% down (FHA) | $8,750 | $245,472 | $1,651 | $111 | $342 | $2,104 | $90,200 |
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 $250K buy a typical home?
In these counties the typical home value is within 15% of $250K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Clearwater County | $248,962 | 0.67% | $1,611 |
| Brown County | $247,202 | 1.03% | $1,686 |
| Polk County | $253,192 | 1.01% | $1,680 |
| Itasca County | $246,649 | 0.86% | $1,650 |
| Nobles County | $246,403 | 0.99% | $1,677 |
| Murray County | $254,869 | 0.79% | $1,636 |
| Saint Louis County | $255,915 | 1.03% | $1,684 |
| Grant County | $241,357 | 0.93% | $1,665 |
| Waseca County | $259,153 | 1.18% | $1,716 |
| Pine County | $261,692 | 0.86% | $1,650 |
| Beltrami County | $263,076 | 0.97% | $1,673 |
| Rock County | $263,653 | 0.71% | $1,618 |
35 of 87 Minnesota counties tracked by Zillow have a typical home value at or below $250K. See all Minnesota home prices.
Other prices in Minnesota
Frequently asked questions
What is the mortgage on a $250K house in Minnesota?
About $1,687 a month with 20% down at 7.11%: $1,345 principal and interest, $217 property tax and $125 insurance.
How much do I need to make to buy a $250K house in Minnesota?
About $72,300 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $250K house in Minnesota?
At Minnesota's typical effective rate of 1.04%, about $2,602 a year. Rates vary by county and city — see the county pages.