Mortgage on a $500K house in Minnesota
$3,374 a month with 20% down — $2,691 principal and interest plus $434 property tax and $250 insurance.
Minnesota's typical property tax is 1.04% of the home's value a year (U.S. average 0.9%), which adds $434 a month on a $500K home. The typical home in Minnesota is worth $348,778, so $500K is 43% above the typical price.
$500K home in Minnesota: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $100,000 | $400,000 | $2,691 | $0 | $684 | $3,374 | $144,600 |
| 10% down | $50,000 | $450,000 | $3,027 | $188 | $684 | $3,898 | $167,100 |
| 5% down | $25,000 | $475,000 | $3,195 | $198 | $684 | $4,077 | $174,700 |
| 3.5% down (FHA) | $17,500 | $490,944 | $3,303 | $221 | $684 | $4,207 | $180,300 |
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 $500K buy a typical home?
In these counties the typical home value is within 15% of $500K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Carver County | $490,761 | 0.99% | $3,354 |
| Washington County | $445,711 | 0.99% | $3,352 |
| Scott County | $442,767 | 1.01% | $3,361 |
| Cook County | $438,446 | 0.69% | $3,226 |
87 of 87 Minnesota counties tracked by Zillow have a typical home value at or below $500K. See all Minnesota home prices.
Other prices in Minnesota
Frequently asked questions
What is the mortgage on a $500K house in Minnesota?
About $3,374 a month with 20% down at 7.11%: $2,691 principal and interest, $434 property tax and $250 insurance.
How much do I need to make to buy a $500K house in Minnesota?
About $144,600 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $500K house in Minnesota?
At Minnesota's typical effective rate of 1.04%, about $5,204 a year. Rates vary by county and city — see the county pages.