Mortgage on a $650K house in Minnesota
$4,387 a month with 20% down — $3,498 principal and interest plus $564 property tax and $325 insurance.
Minnesota's typical property tax is 1.04% of the home's value a year (U.S. average 0.9%), which adds $564 a month on a $650K home. The typical home in Minnesota is worth $348,778, so $650K is 86% above the typical price.
$650K home in Minnesota: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $130,000 | $520,000 | $3,498 | $0 | $889 | $4,387 | $188,000 |
| 10% down | $65,000 | $585,000 | $3,935 | $244 | $889 | $5,068 | $217,200 |
| 5% down | $32,500 | $617,500 | $4,154 | $257 | $889 | $5,300 | $227,100 |
| 3.5% down (FHA) | $22,750 | $638,227 | $4,293 | $287 | $889 | $5,470 | $234,400 |
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 $650K buy a typical home?
No Minnesota county has a typical home value within 15% of $650K.
87 of 87 Minnesota counties tracked by Zillow have a typical home value at or below $650K. See all Minnesota home prices.
Other prices in Minnesota
Frequently asked questions
What is the mortgage on a $650K house in Minnesota?
About $4,387 a month with 20% down at 7.11%: $3,498 principal and interest, $564 property tax and $325 insurance.
How much do I need to make to buy a $650K house in Minnesota?
About $188,000 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $650K house in Minnesota?
At Minnesota's typical effective rate of 1.04%, about $6,765 a year. Rates vary by county and city — see the county pages.