Mortgage payment estimates, closing cost breakdowns, and homebuying data for Willmar, Minnesota.
Median Home Price
$205K
Population
21K
Avg Monthly Rent
$880
Property Tax Rate
1.12% *
* Property tax shown is the Minnesota state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Willmar.
Willmar vs Minnesota Median
The median home price in Willmar is $205,000, which is 39% below the Minnesota state median of $335,000.
Mortgage Calculator — Willmar, MN
Pre-filled with Willmar median home price and Minnesota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $205K home using Minnesota's 1.12% tax rate and $2,100/yr insurance.
5% Down
$1,711/mo
Down: $10,250
Loan: $195K
P&I: $1,231
Tax: $191
Insurance: $175
PMI: $114
10% Down
$1,640/mo
Down: $20,500
Loan: $185K
P&I: $1,166
Tax: $191
Insurance: $175
PMI: $108
20% Down (No PMI)
$1,403/mo
Down: $41,000
Loan: $164K
P&I: $1,037
Tax: $191
Insurance: $175
Income needed (28% rule): $60K/year with 20% down, $70K/year with 10% down.
Rent vs Buy in Willmar
Rent
$880/mo
vs
Buy (10% down)
$1,640/mo
Price-to-rent ratio: 19.4 — A ratio between 15-20 means the rent vs buy decision in Willmar depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Willmar is $205,000, 39% below the Minnesota state median of $335,000. With a population of 20,862, Willmar is a smaller market 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 $205,000 home in Willmar would carry roughly $191/month in property taxes. Homeowners insurance in Minnesota runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Willmar is $880/month. The price-to-rent ratio in Willmar is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Willmar offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Minnesota's Minnesota Housing Start Up program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Willmar.