FHA Mortgage Calculator for Minnesota Residents — Free 2026 Tool
If you're using the fha mortgage calculator in Minnesota, real local context matters. With a median home price around $420,000, small changes to rate or down payment can move your monthly payment meaningfully. This page also reflects a typical MN monthly mortgage of about $2,195 and a cost-of-living index of 105. Use the inputs below to estimate your payment and then sanity-check the result against what households in Minnesota tend to face.
Comprehensive Mortgage Calculator
Calculate your complete monthly housing payment with taxes, insurance, and PMI
Monthly Payment
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Formula used in this calculation
Amortization Schedule (First Year)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,123.75 | $303.75 | $1,820.00 | $335,696 |
| 2 | $2,123.75 | $305.39 | $1,818.35 | $335,391 |
| 3 | $2,123.75 | $307.05 | $1,816.70 | $335,084 |
| 4 | $2,123.75 | $308.71 | $1,815.04 | $334,775 |
| 5 | $2,123.75 | $310.38 | $1,813.37 | $334,465 |
| 6 | $2,123.75 | $312.06 | $1,811.68 | $334,153 |
| 7 | $2,123.75 | $313.76 | $1,809.99 | $333,839 |
| 8 | $2,123.75 | $315.45 | $1,808.29 | $333,523 |
| 9 | $2,123.75 | $317.16 | $1,806.59 | $333,206 |
| 10 | $2,123.75 | $318.88 | $1,804.87 | $332,887 |
| 11 | $2,123.75 | $320.61 | $1,803.14 | $332,567 |
| 12 | $2,123.75 | $322.35 | $1,801.40 | $332,244 |
How this calculation works
FHA loans require an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount — typically rolled into the loan — plus an annual MIP of 0.55% divided monthly. On a $337,750 loan, this adds $154.80/month. MIP remains for the life of the loan if your down payment is under 10%.
How interest rate affects your payment
| Rate | Monthly P&I ($380k, 30yr) | Total Interest Paid |
|---|---|---|
| 5.5% | $2,158 | $397,000 |
| 6.0% | $2,279 | $440,000 |
| 6.41% | $2,374 | $474,000 |
| 6.82% | $2,478 | $512,000 |
| 7.5% | $2,657 | $576,000 |
A 1% rate difference on a $380,000 mortgage costs approximately $60,000 more over 30 years.
📊 Minnesota at a Glance
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How to Use This Calculator
Start with a home price near Minnesota's median of $420,000. Enter your down payment and interest rate, then review the monthly payment against your take-home budget — keeping in mind Minnesota's income tax rate of 5.85% flat rate. FHA loans have specific requirements: FHA loans are government-backed and allow down payments as low as 3.5%, making them popular for first-time buyers with moderate credit.
How FHA Mortgage Calculator Is Calculated
Your monthly principal-and-interest payment is calculated using standard loan amortization. Formula: `Monthly P&I = P * [r(1+r)^n] / [(1+r)^n - 1]` Where `P` is the loan amount, `r` is the monthly interest rate (APR ÷ 12), and `n` is the total number of monthly payments (e.g. 360 for a 30-year loan).
Monthly Payment = P[r(1+r)^n] / [(1+r)^n - 1]Using This Calculator in Minnesota
Minnesota has a median home price of $420,000 (2025) and a state income tax rate of 5.85% flat rate. First-time buyers may qualify for the Minnesota Housing Start Up Program program offering up to $17,000 in down payment assistance. With a typical monthly mortgage of around $2,195 and a cost-of-living index of 105, this calculator helps you translate Minnesota market prices into a payment you can plan around. FHA loans are government-backed and allow down payments as low as 3.5%, making them popular for first-time buyers with moderate credit.
Tips & What Your Results Mean
Test at least two scenarios: one with your target down payment and one with 5% more down. In Minnesota, where the median home price is $420,000, small changes in down payment can meaningfully reduce your monthly payment. Also compare a 15-year vs 30-year term — the monthly payment difference is often smaller than people expect, while the total interest savings can be substantial.
Frequently Asked Questions
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