Minnesota Seller Closing Cost Calculator

Closing Cost Calculator for Minnesota: Seller Averages

This free calculator can help home sellers in Minnesota estimate their closing costs and net proceeds. To get a ballpark idea of the cost of selling a house in the North Star State, enter the information for each of the input fields above. You can see typical or state averages for most Minnesota seller closing costs below.

Home Selling Price: $354,000

How does your home compare to the state’s median selling price of $354,000? To determine your listing price, you can:

1. Get a preliminary estimate with HomeLight’s free Home Value Estimator

2. Request a Comparative Market Analysis (CMA) from a top Minnesota agent

3. Purchase a pre-listing home appraisal (typically $575 in Minnesota)

4. Visit this HomeLight map link to compare recently sold homes in Minnesota

Mortgage Payoff Amount: $211,874

According to the credit experts at Experian, the average mortgage balance for Minnesota homeowners is $211,874. To find your exact payoff amount, check your latest mortgage statement or contact your mortgage servicer.

Listing Agent Fee: $8,850–$10,620

A typical listing agent commission in Minnesota is 2.5% to 3% of the home’s selling price. On a $354,000 house, your agent’s fee might range from $8,850–$10,620.

Buyer’s Agent Fee: $8,850–$10,620

In the past, sellers covered both the listing agent and the buyer’s agent fees. However, following a landmark court settlement by the National Association of Realtors, buyers are now expected to negotiate compensation directly with their own agents. If you’re offering to pay this fee to attract buyers, on a $354,000 median-priced Minnesota home, you can expect to pay $8,850–$10,620.

Detailed Closing Costs: $4,956

Closing costs in Minnesota average about 1.4% of the home’s sale price. On a median-priced home of $354,000, you might pay $4,956. Below are some of the typical types of closing costs you can expect:

• Home Preparations: Making improvements to your home’s curb appeal, which includes renovations, landscaping, and staging the property.
• Renovations/Repairs: Fixing or updating your property to keep pace with market conditions and inspection requests.
• Title Service Fees: Title company work is required to verify legal ownership and help manage the property transfer. This is usually split between the buyer and seller in Minnesota.
• Owner’s Title Insurance: A one-time insurance premium paid by the buyer in Minnesota. The seller can pay for this as a concession.
• Transfer Taxes: Minnesota home sellers pay a transfer tax rate of $1.65 for every $500, or 0.33% of the transaction, depending on the term of the sale’s agreement. (See more below.)
• Recording Fees: Fees paid to the local government to officially record the change in property ownership.
• Buyer Incentives: Credits or concessions you might offer buyers, such as paying the buyer’s agent fees or offering a rate buydown.
• Other Costs: Miscellaneous expenses not covered in other categories, such as attorney fees and HOA transfers. (An attorney is not required to sell a house in Minnesota.)
• Moving Expenses: While not technically a closing cost, you should include this expense in your budget, which can range from $883 to $7,000.

In Minnesota, depending on the terms of the sales agreement, the buyer, the seller, or both can be responsible for any transfer taxes.

For Minnesota, the statewide transfer tax is $1.65 for every $500, or 0.33% of the transaction. For property transfers recorded after 2019, any property valued at less than $3,000 will not be taxed.

More Helpful Seller Tools From HomeLight

Here are some additional tools you may find helpful as you plan your Minnesota home sale:

• Listing Agent Match platform
• Home Value Estimator
• Best Time to Sell Calculator
• Agent Commissions Calculator
• Net Proceeds Calculator

Want to avoid closing costs and sell fast? Get a cash offer today.

With HomeLight’s Simple Sale platform, you can receive a no-obligation, all-cash offer in 24 hours and close in as few as 10 days. Answer a few questions about your Minnesota home to get started. Along with your offer, you’ll also see an estimate of what a top Minnesota agent might be able to get for your home. Get both options with one tool.

As you look ahead to your next home purchase, here are some helpful buyer tools:

• Home Affordability Calculator
• Down Payment Calculator
• Closing Costs Calculator
• Buyer’s Agent Match platform