What will my mortgage payment be?
Estimate your monthly payment on a Minnesota home, including principal, interest, property taxes, and homeowners insurance.
Rates as of : 30-Year Fixed Conforming national average 7.15%. Source: Optimal Blue via FRED.
Estimated Monthly Payment
How this calculator works
Enter a home price, down payment, interest rate, and loan term. The rate starts at the current 30-year national average, and you can change it to match a lender quote.
The payment adds three parts: principal and interest on the loan amount, property taxes estimated at 1.1% of the home price per year, and homeowners insurance estimated at $150 a month. Taxes vary by city and county across the metro, so use the tax amount from a listing you like for a closer number.
Mortgage insurance and HOA dues are not included. Open the amortization schedule to see how much of each year's payments goes to principal and interest.
Questions about the Mortgage Payment Calculator
What's included in a monthly mortgage payment?
Most payments include principal and interest, property taxes, and homeowners insurance. This calculator estimates property taxes at 1.1% of the home price per year and insurance at $150 a month. It does not add mortgage insurance or HOA dues, so include those separately if they apply to you.
How does a 15-year loan compare with a 30-year loan?
A 15-year loan has a higher monthly payment, but it pays the loan off in half the time and usually costs much less interest overall. Switch the loan term above and open the amortization schedule to compare how the balance drops each year.
Is this the same as a loan quote?
No. It is a planning estimate that starts with the current 30-year national average rate. A lender's quote reflects your credit, loan program, and the actual taxes and insurance for the home. Learn about getting a mortgage.
Ready to get pre-approved?
Our lending partners will turn your estimate into a real number for your situation.