Can I Afford a $100K Home in Minnesota?
Complete mortgage breakdown for a $100,000 home in Minnesota, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$760/mo
P&I: $526 + Tax: $93 + Insurance: $142
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $3,000 | $912 | $39,077 |
| 5% | $5,000 | $898 | $38,479 |
| 10% | $10,000 | $863 | $36,982 |
| 20% | $20,000 | $760 | $32,559 |
Monthly Cost Breakdown (Minnesota)
Principal & Interest
$526/mo
Property Tax (1.11%)
$93/mo
Homeowners Insurance
$142/mo
Total Interest (30-yr)
$109,195
Affordability Rules of Thumb
28% Rule (Housing)
$32,559/yr
Minimum gross income
36% Rule (All Debt)
$25,324/yr
If no other debt
3Ã Income Rule
$33,333/yr
Conservative target
Buying a $100K Home in Minnesota
A $100,000 home in Minnesota is at or below the national median home price. With a 20% down payment of $20,000, your estimated monthly payment of $760 is achievable on a salary of $32,559 or more. Minnesota's property tax rate of 1.11% is near the national average.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Minnesota.