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Tell us your income and savings instead, and we'll work out the max home price and a qualification signal for Minnesota.
How much house can I afford in Minnesota? →Minnesota Housing's (the state HFA) primary fixed-rate first mortgage for first-time homebuyers statewide (defined as not having owned a principal residence in the prior 3 years), offered through participating lenders with competitive below-market rates; can be paired with an optional down payment and closing cost loan.
Down payment and closing cost assistance paired with a Start Up (or Step Up) first mortgage: the Monthly Payment Loan offers up to $18,000 at the same rate as the first mortgage, repaid monthly over 10 years; a Deferred Payment Loan variant is also available with no monthly payment, repaid at sale/refinance/payoff. Borrower must contribute at least $1,000 of their own funds toward the purchase.
Fewer listings, fewer buyers, and sellers who have a reason to be on the market in December. Here is what a winter discount is actually worth on a $400,000 house — in monthly payment, in lifetime interest, and in the seller concessions a quiet market makes possible — and the three ways a winter purchase goes wrong.
Minnesota taxes both the sale and the loan. On a $375,000 home with 20% down that's $1,238 in deed tax plus $690 in mortgage registry tax, before a single lender fee.
The operational guide to buying property with a partner, friend, sibling, or parent — credit and DTI mechanics, title vesting, a clause-by-clause co-ownership agreement, and how the exit actually works.
A month-by-month plan for the year before you buy: what to do in each phase, what never to touch, how to document every dollar, and how to survive closing day.
Minnesota guide
Most states tax one thing when a house changes hands. Minnesota taxes two, and the two taxes have different rates, different payers, and different triggers.
The Deed Tax is 0.33% of the sale price. On Minnesota's $375,000 statewide median that's $1,238, and by custom the seller pays it. The Mortgage Registry Tax is 0.23% of the debt you're securing. Borrow $300,000 — 20% down on that same median home — and that's another $690, and this one is yours.
Combined, the state's take is $1,928 on that purchase, so neither number breaks a deal. But the registry tax catches people out, because it doesn't behave like a normal closing cost: it scales with what you borrow rather than what you pay, and it lands again every time you record a mortgage, so a refinance or a home equity line triggers it even though nobody bought anything. For the mechanics of the fees every state charges, see our full line-by-line breakdown of closing costs.
A note before you start: this is general education, not financial, legal, or tax advice. Every figure below is a statewide number from CalculatorByState's sourced dataset, and your county, lender, title company, and purchase agreement will all move the total. Two Minnesota counties charge a surcharge the other 85 don't, and recording offices set their own fees. Your Loan Estimate and Closing Disclosure are authoritative — use this to sanity-check them, not to replace them.
Against Minnesota's $375,000 median sale price, the standard 2-5% buyer range works out to roughly $7,500 to $18,750, midpoint around $13,125. At $350,000 the same range is about $7,000 to $17,500. The narrower sourced average for Minnesota buyers is about 3.55%, or roughly $13,313 at the median — essentially on top of that midpoint, and excluding agent commissions.
Read the full Minnesota guide →9 min read · Updated 2026-08-24