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Closing costs in Minnesota

See how much you might have to shell out in closing costs when you buy or sell a home in this state.

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Britny Lawhorn
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According to data from ClosingCorp, the average closing cost in Minnesota is $3,785 after taxes, or approximately 1.26% to 1.89% of the final home sale price.

Closing cost stats in Minnesota

Across the state, the average home sells for between $200,000 and $300,000. If you buy a property in that range, expect to pay between $2,523 and $5,678 in closing costs after taxes.

Data Value
Average home sale price $200,000 to $300,000
Average total closing cost $3,785
Expected closing cost range $2,523 to $5,678
Percentage of closing cost to home sale price 1.26% to 1.89%
Remember, these averages are based on sample data. Your closing costs may vary based on your lender, the size of your loan and whether or not you're paying in cash.

How much does tax affect the closing cost?

Buyers and sellers in Minnesota pay an average of $1,351 in tax combined for the closing. This accounts for 35.69% of the total average closing cost in Minnesota.

Value
Average tax paid $1,351
Percentage of total closing cost 35.69%

Compare mortgage lenders and brokers

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
620
No hidden fees, multiple loan terms, and member discounts available.
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More Info
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
See rates
More Info
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
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How do closing costs in Minnesota compare nationally?

The closing costs for buying a home in Minnesota are above the national average after accounting for taxes. It’s 29 in our rankings which rates states from lowest to highest closing cost.

Average total closing cost in Minnesota Ranking*
Before taxes $2,434 32
After taxes $3,785 29

*Ranked from lowest to highest of the 50 states plus Washington DC

Bottom line

Closing costs are inevitable when you're buying or selling a property. The exact amount will vary depending on where the property is located in Minnesota.

To save on your home loan, consider comparing the fees and rates of top lenders before signing.

  1. ClosingCorp. (September 2020). ClosingCorp reports average mortgage closing cost data for 2019 [Press release]. https://www.closing.com/wp-content/uploads/2020/03/CC_2019ClosingCostsReport_FINAL_040120.pdf

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