Hennepin County, MN Closing Cost Calculator
Estimated closing costs for a home purchase in Hennepin County including MN-specific transfer taxes.
Estimated closing costs for a $330,000 home with 20% down
Low estimate
$5,306
High estimate
$9,905
Cost Breakdown (Mid Estimate)
| Origination Fee | $1,980 |
| Title Insurance | $1,056 |
| Appraisal | $600 |
| MN Transfer Taxes & Fees | $1,289 |
| Prepaid Items (escrow) | $1,650 |
| Other Fees | $500 |
| Total (Mid) | $7,075 |
Estimates only. Actual costs vary by lender and transaction.
Local Home Values & Affordability
A 20% down payment on a median Hennepin County home requires $66,000 in cash — or $11,550 for an FHA-minimum 3.5% down payment. Buyers with less than 20% down will also need to budget for PMI or FHA MIP.
Hennepin County's median home value of $330,000 is close to the national median of $310,000, putting most buyers in the conforming loan range with conventional or FHA options readily available.
Property Tax in This Market
Based on the 1.17% effective rate and a median home value of $330,000, a typical homeowner in Hennepin County pays approximately $3,861 in annual property taxes — or $322 per month added to their mortgage payment.
Hennepin County's property tax rate of 1.17% is close to the national average of 1.10%. On a median-priced home of $330,000, expect an annual tax bill of approximately $3,861.
Sources: Tax Foundation 2025
Homeowners Insurance Costs
Homeowners insurance in Hennepin County runs approximately $1,650/year ($138/month), in line with the national average of $1,600.
Premium quotes in Hennepin County typically range from $1,100 to $2,450 per year depending on home age, construction type, coverage limits, and your insurer. Always get multiple quotes.
Sources: NAIC 2024
Loan Limits & Financing Options
A buyer purchasing the median Hennepin County home ($330,000) with FHA's minimum 3.5% down would borrow $318,450 — well within the $541,287 baseline FHA limit for this county. FHA financing is a viable option for most buyers here.
With 20% down on a median-priced home, the loan amount of $264,000 stays $568,750 below the $832,750 conforming limit — giving buyers access to conventional Fannie/Freddie pricing without jumbo underwriting.
Sources: HUD ML 2025-23, FHFA 2026
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