Minnesota Closing Costs Calculator
Estimate closing costs for buying a home in Minnesota. Average closing costs run 1.4% of the purchase price (about $5K on the median home).
Minnesota: Avg closing costs 1.4% of price. Transfer tax: 0.33%.
Lender Fees
$2,837
origination, underwriting
Third-Party
$3,125
appraisal, title, inspection
Government Fees
$1,106
transfer taxes, recording
Prepaids + Escrow
$5,131
taxes, insurance, interest
Itemized Costs
Loan Origination (0.8%)$2,412
Underwriting Fee$350
Credit Report$75
Appraisal$550
Home Inspection$450
Title Search + Insurance$1,975
Recording Fee$150
Transfer Tax$1,106
Prepaid Taxes (3 mo)$938
Prepaid Insurance (12 mo)$2,100
Prepaid Interest (15 days)$805
Escrow Reserves$1,288
Total Closing Costs$12,199
Minnesota Housing at a Glance
Median Home Price
$335K
Minnesota statewide
Property Tax Rate
1.12%
$313/mo on median
Avg Closing Costs
$5K
1.4% of purchase price
Homeowners Insurance
$2,100/yr
$175/mo
Minnesota First-Time Buyer Program
Minnesota Housing Start Up
Down payment assistance: Up to $18,000 deferred loan