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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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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%

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.

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