Hennepin County, MN Mortgage Calculator
Estimate your monthly mortgage payment in Hennepin County with local property tax rates, homeowners insurance, and 2026 FHA and conforming loan limits.
Local Home Values & Affordability
A 20% down payment on a median Hennepin County home requires $66,000 in cash — or $11,550 for an FHA-minimum 3.5% down payment. Buyers with less than 20% down will also need to budget for PMI or FHA MIP.
Hennepin County's median home value of $330,000 is close to the national median of $310,000, putting most buyers in the conforming loan range with conventional or FHA options readily available.
Property Tax in This Market
Based on the 1.17% effective rate and a median home value of $330,000, a typical homeowner in Hennepin County pays approximately $3,861 in annual property taxes — or $322 per month added to their mortgage payment.
Hennepin County's property tax rate of 1.17% is close to the national average of 1.10%. On a median-priced home of $330,000, expect an annual tax bill of approximately $3,861.
Sources: Tax Foundation 2025
Homeowners Insurance Costs
Homeowners insurance in Hennepin County runs approximately $1,650/year ($138/month), in line with the national average of $1,600.
Premium quotes in Hennepin County typically range from $1,100 to $2,450 per year depending on home age, construction type, coverage limits, and your insurer. Always get multiple quotes.
Sources: NAIC 2024
Loan Limits & Financing Options
A buyer purchasing the median Hennepin County home ($330,000) with FHA's minimum 3.5% down would borrow $318,450 — well within the $541,287 baseline FHA limit for this county. FHA financing is a viable option for most buyers here.
With 20% down on a median-priced home, the loan amount of $264,000 stays $568,750 below the $832,750 conforming limit — giving buyers access to conventional Fannie/Freddie pricing without jumbo underwriting.
All FHA loans require an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, plus an annual MIP of 0.55%–0.75% of the loan balance paid monthly. On a $318,450 FHA loan, expect approximately $146/month in ongoing MIP — added to principal, interest, taxes, and insurance.
Sources: HUD ML 2025-23, FHFA 2026, HUD MIP Rates 2023
Extra Monthly Payment
Estimated Monthly Payment
$2,207
Estimates are for educational purposes only and are not a loan offer or commitment to lend.
Loan Amount: $264,000
LTV: 0.01%
P&I Payment
$1,748
Total Interest
$365,115
over loan life
Payoff
30 yr
Closing Costs
$5,306–$9,905
est. range
Monthly Payment Breakdown
2026 Loan Limit Context
FHA Limit
$541,287
Conforming Limit
$832,750
Amortization Schedule
| Mo. | Payment | Principal | Interest | Balance | Total Interest |
|---|---|---|---|---|---|
| 1 | $1,748 | $219 | $1,529 | $263,781 | $1,529 |
| 2 | $1,748 | $220 | $1,528 | $263,562 | $3,057 |
| 3 | $1,748 | $221 | $1,526 | $263,341 | $4,583 |
| 4 | $1,748 | $222 | $1,525 | $263,118 | $6,108 |
| 5 | $1,748 | $224 | $1,524 | $262,895 | $7,632 |
| 6 | $1,748 | $225 | $1,523 | $262,670 | $9,155 |
| 7 | $1,748 | $226 | $1,521 | $262,443 | $10,676 |
| 8 | $1,748 | $228 | $1,520 | $262,216 | $12,196 |
| 9 | $1,748 | $229 | $1,519 | $261,987 | $13,715 |
| 10 | $1,748 | $230 | $1,517 | $261,757 | $15,232 |
| 11 | $1,748 | $232 | $1,516 | $261,525 | $16,748 |
| 12 | $1,748 | $233 | $1,515 | $261,292 | $18,263 |
2026 Loan Limits — Hennepin County, MN
| Limit Type | 2026 Limit | Note |
|---|---|---|
| FHA Loan Limit (1-unit) | $524,225 | Max loan for FHA-insured mortgage |
| Conforming Loan Limit (1-unit) | $806,500 | Fannie Mae / Freddie Mac eligible |
Source: HUD / FHFA. Data as of 2025-01-15.
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