Mortgage on a $300K house in Minnesota
$2,025 a month with 20% down — $1,614 principal and interest plus $260 property tax and $150 insurance.
Minnesota's typical property tax is 1.04% of the home's value a year (U.S. average 0.9%), which adds $260 a month on a $300K home. The typical home in Minnesota is worth $348,778, so $300K is 14% below the typical price.
$300K home in Minnesota: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $60,000 | $240,000 | $1,614 | $0 | $410 | $2,025 | $86,800 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $410 | $2,339 | $100,200 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $410 | $2,446 | $104,800 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $410 | $2,524 | $108,200 |
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 $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Carlton County | $298,854 | 1.17% | $2,056 |
| Blue Earth County | $301,642 | 0.98% | $2,008 |
| Sibley County | $297,792 | 1.1% | $2,039 |
| McLeod County | $297,246 | 1.15% | $2,053 |
| Clay County | $303,991 | 1.13% | $2,048 |
| Meeker County | $295,300 | 0.9% | $1,990 |
| Steele County | $293,327 | 1.21% | $2,066 |
| Mille Lacs County | $309,263 | 1.04% | $2,026 |
| Stearns County | $310,038 | 1% | $2,015 |
| Nicollet County | $312,313 | 1.13% | $2,046 |
| Morrison County | $312,773 | 0.88% | $1,985 |
| Benton County | $313,228 | 0.98% | $2,009 |
54 of 87 Minnesota counties tracked by Zillow have a typical home value at or below $300K. See all Minnesota home prices.
Other prices in Minnesota
Frequently asked questions
What is the mortgage on a $300K house in Minnesota?
About $2,025 a month with 20% down at 7.11%: $1,614 principal and interest, $260 property tax and $150 insurance.
How much do I need to make to buy a $300K house in Minnesota?
About $86,800 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in Minnesota?
At Minnesota's typical effective rate of 1.04%, about $3,122 a year. Rates vary by county and city — see the county pages.