Minnesota First-Time Homebuyer Calculator
First-time homebuyer costs in Minnesota: $11,550 FHA down payment, $8,910 closing costs, 1.12% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Minnesota. Includes down payment, closing costs (2.7%), PMI (required below 20% down), property tax (1.12%), and homeowners insurance ($1,980/yr). DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Minnesota homebuyer facts: Median price $330,000 | 20% down = $66,000 | FHA 3.5% down = $11,550 | Closing costs ~$8,910 | Property tax 1.12% | No attorney required.
Frequently Asked Questions
How much do I need to buy a house in Minnesota?
For Minnesota's median home ($330,000): FHA minimum down payment is $11,550 (3.5%), plus $8,910 in closing costs. Total minimum: ~$20,460. With 20% down to avoid PMI: ~$74,910.
What are closing costs in Minnesota?
Minnesota closing costs average 2.7% of the home price, or about $8,910 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and optional attorney fees. Transfer taxes are 0.33%.
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