Mortgage on a $450K house in Minnesota
$3,037 a month with 20% down — $2,422 principal and interest plus $390 property tax and $225 insurance.
Minnesota's typical property tax is 1.04% of the home's value a year (U.S. average 0.9%), which adds $390 a month on a $450K home. The typical home in Minnesota is worth $348,778, so $450K is 29% above the typical price.
$450K home in Minnesota: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $90,000 | $360,000 | $2,422 | $0 | $615 | $3,037 | $130,200 |
| 10% down | $45,000 | $405,000 | $2,724 | $169 | $615 | $3,508 | $150,400 |
| 5% down | $22,500 | $427,500 | $2,876 | $178 | $615 | $3,669 | $157,300 |
| 3.5% down (FHA) | $15,750 | $441,849 | $2,972 | $199 | $615 | $3,787 | $162,300 |
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 $450K buy a typical home?
In these counties the typical home value is within 15% of $450K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Washington County | $445,711 | 0.99% | $3,017 |
| Scott County | $442,767 | 1.01% | $3,025 |
| Cook County | $438,446 | 0.69% | $2,904 |
| Carver County | $490,761 | 0.99% | $3,019 |
| Wright County | $397,588 | 0.98% | $3,015 |
| Dakota County | $393,429 | 0.98% | $3,016 |
| Sherburne County | $391,353 | 0.99% | $3,016 |
| Hennepin County | $386,707 | 1.14% | $3,074 |
| Chisago County | $384,657 | 1.07% | $3,050 |
86 of 87 Minnesota counties tracked by Zillow have a typical home value at or below $450K. See all Minnesota home prices.
Other prices in Minnesota
Frequently asked questions
What is the mortgage on a $450K house in Minnesota?
About $3,037 a month with 20% down at 7.11%: $2,422 principal and interest, $390 property tax and $225 insurance.
How much do I need to make to buy a $450K house in Minnesota?
About $130,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $450K house in Minnesota?
At Minnesota's typical effective rate of 1.04%, about $4,683 a year. Rates vary by county and city — see the county pages.