Mortgage payment estimates, closing cost breakdowns, and first-time buyer programs for Minnesota homebuyers.
Pre-filled with Minnesota medians. Adjust for your property.
Estimated closing costs based on Minnesota tax rates and fees.
The median home price in Minnesota is $335,000, with property taxes averaging 1.12% annually. Minnesota's property tax rate is roughly in line with the national average.
Closing costs in Minnesota average $5K (1.4%% of purchase price). The state charges a 0.33% transfer tax on real estate transactions, which modestly adds to closing costs. Homeowners insurance runs approximately $2,100 per year. This is within the normal range nationally.
Minnesota offers the Minnesota Housing Start Up for first-time buyers: Up to $18,000 deferred loan. Contact your state housing finance agency or a HUD-approved housing counselor for eligibility details and application steps.
Minnesota presents moderate affordability. The $335K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.