Mortgage on a $350K house in Minnesota
$2,362 a month with 20% down — $1,884 principal and interest plus $304 property tax and $175 insurance.
Minnesota's typical property tax is 1.04% of the home's value a year (U.S. average 0.9%), which adds $304 a month on a $350K home. The typical home in Minnesota is worth $348,778, so $350K is right at the typical price.
$350K home in Minnesota: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $70,000 | $280,000 | $1,884 | $0 | $479 | $2,362 | $101,200 |
| 10% down | $35,000 | $315,000 | $2,119 | $131 | $479 | $2,729 | $116,900 |
| 5% down | $17,500 | $332,500 | $2,237 | $139 | $479 | $2,854 | $122,300 |
| 3.5% down (FHA) | $12,250 | $343,661 | $2,312 | $155 | $479 | $2,945 | $126,200 |
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 $350K buy a typical home?
In these counties the typical home value is within 15% of $350K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Olmsted County | $349,397 | 1.06% | $2,369 |
| Rice County | $350,912 | 0.97% | $2,342 |
| Douglas County | $347,708 | 0.83% | $2,301 |
| Le Sueur County | $353,278 | 1.06% | $2,369 |
| Becker County | $354,781 | 0.69% | $2,260 |
| Isanti County | $339,624 | 1.01% | $2,352 |
| Cass County | $336,524 | 0.56% | $2,222 |
| Ramsey County | $334,747 | 1.21% | $2,413 |
| Otter Tail County | $334,672 | 0.77% | $2,282 |
| Dodge County | $334,610 | 1.11% | $2,382 |
| Crow Wing County | $369,756 | 0.74% | $2,276 |
| Pope County | $327,911 | 0.77% | $2,283 |
73 of 87 Minnesota counties tracked by Zillow have a typical home value at or below $350K. See all Minnesota home prices.
Other prices in Minnesota
Frequently asked questions
What is the mortgage on a $350K house in Minnesota?
About $2,362 a month with 20% down at 7.11%: $1,884 principal and interest, $304 property tax and $175 insurance.
How much do I need to make to buy a $350K house in Minnesota?
About $101,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $350K house in Minnesota?
At Minnesota's typical effective rate of 1.04%, about $3,642 a year. Rates vary by county and city — see the county pages.