Monthly Payment on a $300K Mortgage in Minnesota
Using Minnesota's 1.12% property tax rate and $2,100/yr homeowners insurance.
$300K 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% | $2,239 | $2,146 | $1,818 |
| 6.0% | $2,330 | $2,231 | $1,894 |
| 6.5% | $2,423 | $2,319 | $1,972 |
| 7.0% | $2,517 | $2,409 | $2,052 |
| 7.5% | $2,614 | $2,500 | $2,133 |
| 8.0% | $2,712 | $2,594 | $2,216 |
How This Compares to Minnesota's Median
A $300K home is 10% below Minnesota's median of $335K. You'll find homes at this price in cities like Saint Paul, Moorhead, Duluth, Mankato, Owatonna, St. Cloud.
Income Needed for a $300K Home in Minnesota
To afford this payment of $2,319/mo in Minnesota, you'd need a household income of approximately $99K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $100K salary can afford →Closing Costs in Minnesota
Estimated closing costs in Minnesota: $4K (1.4% of purchase price). Minnesota also charges a 0.33% transfer tax, which may add $990 to your transaction costs.
What to Know About a $300K Mortgage in Minnesota
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Minnesota's 1.12% property tax ($280/mo) and $2,100/yr insurance ($175/mo) brings your total to $2,319/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.