Monthly Payment on a $337,891 Home in Minnesota
Minnesota falls into the mid-range tier of the US housing market, with a median home price of $337,891. The state's effective property tax rate is 1.10% and average annual homeowners insurance is $2,628.
Below we break down the estimated monthly costs for a $337,891 home in Minnesota, using state-specific data for property taxes and insurance.
With a standard 20% down payment ($270,313 loan) and a 6.5% interest rate on a 30-year fixed-rate mortgage, your estimated total monthly payment comes to $2,237.
Monthly Payment Breakdown (PITI)
| Component | Monthly Cost | Annual Cost |
|---|---|---|
| Principal & Interest | $1,709 | $20,508 |
| Property Taxes (1.10% est.) | $310 | $3,720 |
| Home Insurance | $219 | $2,628 |
| Total Monthly Payment | $2,237 | $26,844 |
Income Required in Minnesota
Using the standard 28% front-end DTI rule, you'd need a gross annual income of approximately $96,000 to comfortably afford the median-priced home in Minnesota with 20% down at 6.5%.
How Interest Shapes Your Payments
In your first year, approximately $17,481 goes toward interest alone. Over the full 30-year term, you'll pay a total of $344,769 in interest.
Amortization Schedule — First 10 Years
| Year | Principal Paid | Interest Paid | Balance Remaining |
|---|---|---|---|
| 1 | $3,021 | $17,481 | $267,291 |
| 2 | $3,224 | $17,279 | $264,068 |
| 3 | $3,440 | $17,063 | $260,628 |
| 4 | $3,670 | $16,833 | $256,958 |
| 5 | $3,916 | $16,587 | $253,042 |
| 6 | $4,178 | $16,325 | $248,864 |
| 7 | $4,458 | $16,045 | $244,407 |
| 8 | $4,756 | $15,746 | $239,650 |
| 9 | $5,075 | $15,428 | $234,575 |
| 10 | $5,415 | $15,088 | $229,161 |
* Full 30-year amortization available in our interactive calculator.
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Disclaimer: This is an estimate for informational purposes only. Actual mortgage payments depend on your credit score, exact interest rate, property taxes, insurance premiums, PMI, and other factors. Sources: Zillow Q1 2025 (median home prices), ATTOM 2025 (property tax rates), Quadrant Information Services Feb 2025 (insurance premiums). Consult a qualified mortgage professional for personalized advice. See our full Disclaimer.