Minnesota closing cost calculator

Using the Zillow Home Value Index, Minnesota's mid-range home comes to $348,778 as of September 2026. Rounded to $349,000, with $69,800 down, the amount you borrow comes to $279,200. For the buyer, closing costs total $7,781, which is about 2.2% of the sale price. Your cash to close figure adds those closing costs to your down payment; it is the whole amount you hand over on closing day. Here that total comes to $77,581.

That origination charge pays for the lender's work in setting up your loan. A bigger down payment means a smaller amount borrowed and therefore a lower 1% origination charge. Test several down payment figures in the calculator to find the total for your deal.

Once a deed is recorded with the county, a state tax is triggered. That deed is the paper that transfers ownership to the new owner. The rate comes to 0.33% of the sale price, and sellers normally cover that cost. A purchase agreement can shift the cost to the buyer if both parties agree, although the law makes the seller responsible

Hennepin and Ramsey counties also add a tax under the Environmental Response Fund, and that tax is 0.01% of the price (rate details). Those 2 counties charge $680 in deed tax on a $200,000 sale, while other parts of Minnesota charge $660 In the $349,000 example, that figure comes to $1,152.

Subtract any loan that stays with the property from the price to calculate the tax; this includes a mortgage taken over by the buyer The exemption for deeds under $3,000 also applies to divorce decrees, sheriff's foreclosure sale certificates, leases and wills.

Payment falls due as soon as the deed gets filed for recording, and the county treasurer handles the collection. When selling, change the calculator to the seller view to calculate the deed tax from the price and county you enter.

The buyer owes a state tax when a brand-new mortgage is recorded Hennepin and Ramsey counties add 0.01% to the rate of 0.23% of the loan amount In any county other than those 2, a $260,000 mortgage carries $598 in tax.

Some farm loans, divorce decrees, contracts for deed and certain mortgages financing low- and moderate-income housing are all exempt The tax is charged on the loan and not the sale price, so a larger down payment cuts it.

In September 2026, Minnesota's lowest-priced third of homes had a typical value of $220,054, while its highest-priced third reached $545,693 With 20% down and no commission, buyer closing costs are between $5,118 and $11,313

These figures are typical examples rather than the numbers for your own home. The calculator converts these ranges into figures for your deal when you enter the price from your purchase agreement

The deed tax normally falls to the seller. Buyers pay lender charges, insurance and prepaid interest, plus the mortgage registry tax and mortgage recording fee Responsibility for the owner's title policy depends on your contract, so either side may pay.

Nationwide, the average buyer-agent commission is 2.42% of the price; you agree to that rate in your agent contract Because no rate is included until you enter one, the totals exclude a commission you might not really owe

According to the Minnesota Attorney General's seller guide, a seller preparing the deed and other paperwork may hire a closing agent or a real estate attorney. The law does not require you to hire an attorney.

You pay closing costs only once, but property tax returns every year The median annual bill for an owner-occupied Minnesota home is $3,357 a year, about 1.02% of the median home value Include that amount in your monthly budget beside the mortgage payment

The example factors in prepaid interest, homeowners insurance, an owner's title policy and an origination charge. Your own figure replaces the 20% down payment used in the example The deed tax is 0.33% of the price, while Hennepin and Ramsey counties add 0.01% The mortgage registry tax is 0.23% of the loan, and those same counties add another 0.01% You pay $46 to record the deed and $46 to record the mortgage under Minnesota Statutes 357.18. A commission fee appears only after you provide a rate.