M
MortgageMath
Free mortgage calculators for every state

Mortgage Calculator &
Closing Costs: Rochester, MN

Mortgage payment estimates, closing cost breakdowns, and homebuying data for Rochester, Minnesota.

Median Home Price
$315K
Population
121K
Avg Monthly Rent
$1,350
Property Tax Rate
1.12%
Rochester vs Minnesota Median
The median home price in Rochester is $315,000, which is 6% below the Minnesota state median of $335,000.

Mortgage Calculator — Rochester, MN

Pre-filled with Rochester median home price and Minnesota tax/insurance rates. Adjust for your property.

$
$63,000
%
%
years
MN avg
%
$
Monthly Payment (PITI)
$2,062
Principal + Interest + Tax + Insurance + PMI
Principal & Interest
$1,593
per month
Taxes & Insurance
$469
per month
Total Interest Paid
$321K
over 30 years
Total Loan Cost
$573K
all payments
Payment Breakdown
Loan Amount$252,000
Principal & Interest$1,593
Property Taxes$294
Homeowners Insurance$175
Total Monthly PITI$2,062

Closing Costs — Rochester, MN

Estimated closing costs based on Minnesota rates and fees applied to Rochester prices.

$
%
Minnesota: Avg closing costs 1.4% of price. Transfer tax: 0.33%.
Estimated Closing Costs
$11,729
3.7% of purchase price
Lender Fees
$2,693
origination, underwriting
Third-Party
$3,025
appraisal, title, inspection
Government Fees
$1,040
transfer taxes, recording
Prepaids + Escrow
$4,971
taxes, insurance, interest
Itemized Costs
Loan Origination (0.8%)$2,268
Underwriting Fee$350
Credit Report$75
Appraisal$550
Home Inspection$450
Title Search + Insurance$1,875
Recording Fee$150
Transfer Tax$1,040
Prepaid Taxes (3 mo)$882
Prepaid Insurance (12 mo)$2,100
Prepaid Interest (15 days)$757
Escrow Reserves$1,232
Total Closing Costs$11,729

Buying a Home in Rochester, Minnesota

The median home price in Rochester is $315,000, 6% below the Minnesota state median of $335,000. With a population of 121,395, Rochester is a mid-size city where home prices tend to be more accessible than in many parts of Minnesota.

Property taxes in Minnesota average 1.12% annually. This moderate property tax rate means a $315,000 home in Rochester would carry roughly $294/month in property taxes. Homeowners insurance in Minnesota runs approximately $2,100 per year. This is within the normal range nationally.

Average rent in Rochester is $1,350/month. The price-to-rent ratio in Rochester is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.

Rochester presents moderate affordability. The $315K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.

Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Rochester.
Rent vs Buy Calculator →
Explore all of Minnesota: Minnesota Mortgage Calculator & Closing Costs →

Related Guides

The First-Time Buyer Playbook
Free weekly guide: mortgage tips, market updates, and money-saving strategies. No spam.