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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.
Updated
The average closing cost in Minnesota is $3,621 after taxes, or approximately 0.91% to 1.21% of the final home sale price.
Closing cost stats in Minnesota
Across the state, the average home sells for between $300,000 and $400,000. If you buy a property in that range, expect to pay between $2,715.75 and $4,828 in closing costs after taxes.
| Data | Value |
|---|---|
| Average home sale price | $300,000 to $400,000 |
| Average total closing cost | $3,621 |
| Expected closing cost range | $2,715.75 to $4,828 |
| Percentage of closing cost to home sale price | 0.91% to 1.21% |
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 $960 in tax combined for the closing. This accounts for 26.51% of the total average closing cost in Minnesota.
| Value | |
|---|---|
| Average tax paid | $960 |
| Percentage of total closing cost | 26.51% |
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 | $2,661 | 32 |
| After taxes | $3,621 | 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.
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