Monthly Payment on a $150K Mortgage in Minnesota
Using Minnesota's 1.12% property tax rate and $2,100/yr homeowners insurance.
$150K Mortgage in Minnesota: Rate Comparison
Monthly PITI payment using Minnesota's 1.12% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,207 | $1,160 | $996 |
| 6.0% | $1,252 | $1,203 | $1,034 |
| 6.5% | $1,299 | $1,247 | $1,073 |
| 7.0% | $1,346 | $1,292 | $1,113 |
| 7.5% | $1,395 | $1,338 | $1,154 |
| 8.0% | $1,444 | $1,384 | $1,196 |
How This Compares to Minnesota's Median
A $150K home is 55% below Minnesota's median of $335K. This is well within reach in many Minnesota communities.
Income Needed for a $150K Home in Minnesota
To afford this payment of $1,247/mo in Minnesota, you'd need a household income of approximately $53K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in Minnesota
Estimated closing costs in Minnesota: $2K (1.4% of purchase price). Minnesota also charges a 0.33% transfer tax, which may add $495 to your transaction costs.
What to Know About a $150K Mortgage in Minnesota
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Minnesota's 1.12% property tax ($140/mo) and $2,100/yr insurance ($175/mo) brings your total to $1,247/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.