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Minnesota Mortgage Payment Calculator โ€” Updated 2026

State abbreviation: MN

In Minnesota, the median home price is $425,000 as of 2026. Property taxes run at 1.12% of home value annually, and homeowners insurance averages $1320/year. The state income tax rate is 9.85%, which affects your ability to itemize deductions on mortgage interest. The cost of living index in Minnesota is 105 (100 = national average).

Minnesota Financial Data (2026)

State Tax Rate
9.85%
Property Tax Rate
1.12%
Median Home Price
$425,000
Avg Insurance Cost
$1,320/year
Cost of Living Index
105
State Abbreviation
MN