Monthly Payment on a $350K Mortgage in Minnesota
Using Minnesota's 1.12% property tax rate and $2,100/yr homeowners insurance.
$350K 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% | $2,584 | $2,474 | $2,091 |
| 6.0% | $2,689 | $2,574 | $2,180 |
| 6.5% | $2,797 | $2,676 | $2,271 |
| 7.0% | $2,908 | $2,781 | $2,365 |
| 7.5% | $3,021 | $2,888 | $2,459 |
| 8.0% | $3,135 | $2,997 | $2,556 |
How This Compares to Minnesota's Median
A $350K home is close to Minnesota's median of $335K — this represents a typical purchase in the state. Cities at this price range include Minneapolis, Bloomington, Rochester, Saint Paul.
Income Needed for a $350K Home in Minnesota
To afford this payment of $2,676/mo in Minnesota, you'd need a household income of approximately $115K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K salary can afford →Closing Costs in Minnesota
Estimated closing costs in Minnesota: $5K (1.4% of purchase price). Minnesota also charges a 0.33% transfer tax, which may add $1,155 to your transaction costs.
What to Know About a $350K Mortgage in Minnesota
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Minnesota's 1.12% property tax ($327/mo) and $2,100/yr insurance ($175/mo) brings your total to $2,676/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.