Closing costs in Minnesota
On a $500,000 home with 20% down, buyers in Minnesota typically pay about $8,412 to $17,637 at closing, including prepaid taxes and insurance.
Typical buyer total1.7%–3.5%Of the price, 20% down
Closings handled byA title or settlement companyCustomary in the state
Buyer-paid taxes1See below
Buyer-paid taxes
| Tax | On $500,000 with 20% down | Note |
|---|---|---|
| Mortgage registry tax (0.23% of the loan) | $920 |
Estimated closing costs by price
| Price | Loan | Closing costs | Share of price |
|---|---|---|---|
| $300,000 | Conventional, 20% down | $6,587 – $13,662 | 2.2%–4.6% |
| $300,000 | FHA, 3.5% down | $7,049 – $14,687 | 2.3%–4.9% |
| $500,000 | Conventional, 20% down | $8,412 – $17,637 | 1.7%–3.5% |
| $500,000 | FHA, 3.5% down | $9,182 – $19,346 | 1.8%–3.9% |
| $750,000 | Conventional, 20% down | $10,693 – $22,605 | 1.4%–3.0% |
| $750,000 | FHA, 3.5% down | $11,849 – $25,169 | 1.6%–3.4% |
Who pays what in Minnesota
Minnesota’s deed tax (0.33% of the price) is paid by the seller; the borrower pays the mortgage registry tax.
By custom here the seller usually pays for the owner’s title policy; the buyer pays for the lender’s policy.
Questions
How much are closing costs for buyers in Minnesota?
Often about 1.7% to 3.5% of the price with 20% down, including prepaid taxes and insurance.
Do buyers pay transfer tax in Minnesota?
Buyers typically pay: Mortgage registry tax.
More for Minnesota
Sources: Minnesota Department of Revenue (mortgage registry tax, Minn. Stat. §287.035; deed tax, §287.21). Fees are typical ranges, not quotes; your Loan Estimate lists the actual costs.