Calculator
How much house can I afford?
Your price range using today’s average mortgage rates, real property tax rates for each Twin Cities city, and two ways to set your budget: a lender’s limit and the Ramsey guideline.
How this calculator works
- Budget: your chosen share of gross monthly income, minus your other monthly debts, is the most the full house payment can be.
- House payment: principal and interest, property taxes, homeowners insurance, HOA dues and mortgage insurance when the down payment is under 20%.
- Rates: Freddie Mac Primary Mortgage Market Survey (PMMS), weekly national averages, week of October 29, 2026: 7.24% (30-year) and 6.6% (15-year).
- Property taxes: each city’s typical effective rate (statewide about 1.02%). Source: US Census Bureau, American Community Survey 2020-2024 5-year estimates: B25103 (median real estate taxes paid, owner-occupied homes) and B25077 (median home value). Rate = median taxes ÷ median value.
- Mortgage registry tax: 0.23% of the loan, plus 0.01% in Hennepin and Ramsey counties (Minnesota Department of Revenue).
- Ramsey guideline: a 15-year fixed loan with the full payment at no more than 25% of take-home pay (Ramsey Solutions).
Common questions
How much house can I afford in the Twin Cities?
It depends on your income, debts, down payment, interest rate and the city’s property taxes. Lenders commonly look at your total monthly debts, including the new house payment, as a share of your gross income. This calculator lets you test limits from 36% to 50%; a lender’s pre-approval is the real answer.
What is the Ramsey guideline for a mortgage?
Ramsey Solutions recommends a 15-year fixed-rate mortgage with a monthly payment, including taxes, insurance, PMI and HOA dues, of no more than 25% of your take-home pay. Huerkamp Home Group is a Ramsey Endorsed Local Provider.
What is Minnesota’s mortgage registry tax?
It’s 0.23% of the loan amount (plus 0.01% in Hennepin and Ramsey counties), paid at closing when the mortgage is recorded. On a $320,000 loan that’s about $736.
Is there down payment help in Minnesota?
Yes. Minnesota Housing offers first-time buyer loans and down payment assistance with income and price limits, and some cities and counties have their own programs. Check current rules at mnhousing.gov.
More: Buying with us · Ramsey Endorsed Local Provider · Where homes sell for under $400K · All calculators
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