Mortgage on a $400K house in Minnesota
$2,700 a month with 20% down — $2,153 principal and interest plus $347 property tax and $200 insurance.
Minnesota's typical property tax is 1.04% of the home's value a year (U.S. average 0.9%), which adds $347 a month on a $400K home. The typical home in Minnesota is worth $348,778, so $400K is 15% above the typical price.
$400K home in Minnesota: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $80,000 | $320,000 | $2,153 | $0 | $547 | $2,700 | $115,700 |
| 10% down | $40,000 | $360,000 | $2,422 | $150 | $547 | $3,119 | $133,700 |
| 5% down | $20,000 | $380,000 | $2,556 | $158 | $547 | $3,262 | $139,800 |
| 3.5% down (FHA) | $14,000 | $392,755 | $2,642 | $177 | $547 | $3,366 | $144,300 |
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 $400K buy a typical home?
In these counties the typical home value is within 15% of $400K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Wright County | $397,588 | 0.98% | $2,680 |
| Dakota County | $393,429 | 0.98% | $2,681 |
| Sherburne County | $391,353 | 0.99% | $2,681 |
| Hennepin County | $386,707 | 1.14% | $2,733 |
| Chisago County | $384,657 | 1.07% | $2,711 |
| Anoka County | $373,109 | 0.94% | $2,667 |
| Crow Wing County | $369,756 | 0.74% | $2,601 |
| Cook County | $438,446 | 0.69% | $2,581 |
| Scott County | $442,767 | 1.01% | $2,689 |
| Becker County | $354,781 | 0.69% | $2,583 |
| Washington County | $445,711 | 0.99% | $2,682 |
| Le Sueur County | $353,278 | 1.06% | $2,707 |
83 of 87 Minnesota counties tracked by Zillow have a typical home value at or below $400K. See all Minnesota home prices.
Other prices in Minnesota
Frequently asked questions
What is the mortgage on a $400K house in Minnesota?
About $2,700 a month with 20% down at 7.11%: $2,153 principal and interest, $347 property tax and $200 insurance.
How much do I need to make to buy a $400K house in Minnesota?
About $115,700 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $400K house in Minnesota?
At Minnesota's typical effective rate of 1.04%, about $4,163 a year. Rates vary by county and city — see the county pages.