Minnesota buyer closing costs and cash to close
A Minnesota buyer pays about $6,447 in closing costs on a $345,000 home with 20% down. That is 1.9% of the price. Prepaids add about $4,082. Cash to close is about $79,519.
See the lender fees, title, mortgage taxes, prepaids and down payment on a typical home loan.
Free Minnesota buyer cash to close calculator
Change any number and the local costs update.
| Mortgage registry tax | $635 |
| Deed recording fee | $46 |
| Mortgage recording fee | $46 |
| Down payment (20%) | $69,000 |
| Title insurance and settlement | $1,250 |
| Lender fees | $4,470 |
| Prepaids and escrow reserves | $4,082 |
| Property tax credit from seller | −$10 |
| Estimated cash to close | $79,519 |
- Closing costs on $345,000
- About $6,447
- Owner's title policy
- Seller pays
- Cash to close, 20% down
- About $79,519
How much are buyer closing costs in Minnesota?
About $6,447 on a $345,000 home with a $276,000 loan. That is 1.9% of the price. Prepaids add about $4,082. $345,000 is close to the typical Minnesota home value (the Census median, weighted by county).
| Line | Buyer |
|---|---|
| Down payment (20%) | $69,000 |
| Mortgage registry tax | $634.80 |
| Lender's title insurance policy | $250 |
| Lender-required endorsements | $150 |
| Settlement / closing fee | $400 |
| Survey | $450 |
| Deed recording fee | $46 |
| Mortgage recording fee | $46 |
| Loan origination (1%) | $2,760 |
| Appraisal | $550 |
| Credit report | $60 |
| Underwriting / processing | $995 |
| Flood certification | $25 |
| Tax service fee | $80 |
| Closing costs | $6,446.80 |
| Prepaid interest | $1,523.67 |
| Homeowner's insurance (12 months) | $1,380 |
| Insurance escrow reserve (2 mo) | $230 |
| Property tax escrow reserve (3 mo) | $948.75 |
| Prepaids and escrow reserves | $4,082.42 |
| Property tax credit from seller | −$10.40 |
| Estimated cash to close | $79,518.82 |
Run it with your own numbers. Pick the county, loan type, rate and closing date.
Does Minnesota tax the buyer's mortgage?
Yes. Minnesota taxes the new mortgage: Mortgage registry tax at 0.23%; Mortgage registry tax + ERF (Hennepin/Ramsey) at 0.24%. On the $276,000 loan above, that adds about $635 to the buyer's side. Cash buyers do not pay it.
What does a buyer pay at closing in Minnesota?
The buyer pays the lender fees and the lender's title policy. The seller usually pays for the owner's title policy in Minnesota. Seller commonly pays the owner's policy in the Twin Cities; varies elsewhere. In Minnesota, each title insurer files its own rates. So prices differ between title companies. The net sheet uses typical rates. The title company that runs the closing gives the final quote.
Minnesota buyer closing cost questions
How much are buyer closing costs in Minnesota?
About $6,447 on a $345,000 home with 20% down. That is 1.9% of the price. Prepaid insurance, interest and escrow add about $4,082. Cash to close is about $79,519. That counts the $69,000 down payment and takes off the seller's $10 tax credit.
Does the buyer pay transfer tax in Minnesota?
By custom, no. The transfer tax is a seller cost in Minnesota.
What mortgage taxes does a Minnesota buyer pay?
Minnesota charges the mortgage registry tax (0.23%) and the mortgage registry tax + ERF (Hennepin/Ramsey) (0.24%). On a $276,000 loan that is about $635. The buyer pays it.
Who pays for the owner's title policy in Minnesota?
The seller usually pays for the owner's title policy in Minnesota. Seller commonly pays the owner's policy in the Twin Cities; varies elsewhere.
What is the difference between closing costs and cash to close?
Closing costs are the fees and taxes for the loan, title and recording. Cash to close is all the money you bring. It adds your down payment. It adds prepaids, like home insurance, interest and escrow. Then it takes off credits. Those include the seller's property tax credit and the earnest money you already paid.
Give your buyer a cash-to-close estimate.
Free to use. No account needed to try it.