Updated April 2026
NYC Buyer Closing Costs Calculator
Sample Closing Costs at Key Price Points
| Purchase Price | Down (20%) | Mansion Tax | MRT (Condo) | Title + Atty | Other Fees | Total (Condo) | Total (Co-op) |
|---|---|---|---|---|---|---|---|
| $500,000 | $100,000 | $0 | $7,200 | $7,000 | $2,500 | $16,700 | $9,500 |
| $800,000 | $160,000 | $0 | $12,320 | $8,500 | $3,000 | $23,820 | $11,500 |
| $1,000,000 | $200,000 | $10,000 | $15,400 | $9,500 | $3,500 | $38,400 | $23,000 |
| $1,200,000 | $240,000 | $15,000 | $18,480 | $10,500 | $4,000 | $47,980 | $29,500 |
| $1,500,000 | $300,000 | $22,500 | $23,100 | $12,000 | $4,500 | $62,100 | $39,000 |
| $2,000,000 | $400,000 | $32,500 | $30,800 | $14,000 | $5,500 | $82,800 | $52,000 |
MRT = Mortgage Recording Tax at 1.925% on loans $500K+ (condo/house). Mansion tax: 1% at $1M, 1.25% at $2M. Co-op saves MRT. Estimates only.
Complete Itemized Buyer Closing Cost List
NYC/NYS Taxes & Government Fees (Buyer)
- Mansion Tax: 1% on $1M–$1.999M; 1.25% on $2M–$2.999M; 1.5% on $3M–$4.999M; 2.25% on $5M–$9.999M; 3.25% on $10M–$14.999M; 3.5% on $15M–$19.999M; 3.75% on $20M–$24.999M; 3.9% on $25M+
- NYC Mortgage Recording Tax: 1.8% on loans under $500K; 1.925% on loans $500K+ (condo/house only — co-ops exempt)
- NY State Mortgage Tax: Included in above combined rates
- Recording fees: $200–$500 for deed and mortgage recording
Title & Insurance
- Owner's title insurance: ~0.5% of purchase price (one-time, protects forever)
- Lender's title insurance: ~0.3% of loan amount (required by lender)
- Title search: $500–$1,000
Professional Fees
- Real estate attorney: $2,000–$5,000 (required in NYC transactions)
- Lender origination fee: 0–1% of loan amount
- Appraisal: $500–$1,500
- Bank attorney fee: $500–$1,000
- Credit report: $25–$75
Prepaid Items (Not Truly "Closing Costs" but Cash Needed)
- Prepaid interest: Interest for the remainder of the closing month
- Initial escrow deposit: 2–3 months of taxes and insurance
- Homeowner's insurance first year: $1,500–$3,000
NYC Seller Closing Costs
| Cost Item | Rate / Amount | On $1M Sale | On $1.5M Sale |
|---|---|---|---|
| Broker Commission | 5–6% of sale price | $50,000–$60,000 | $75,000–$90,000 |
| NYC Transfer Tax | 1% under $500K; 1.425% above | $14,250 | $21,375 |
| NYS Transfer Tax | 0.4% (0.65% on $3M+) | $4,000 | $6,000 |
| Attorney Fees | $2,000–$4,000 | $3,000 | $3,500 |
| Co-op Flip Tax (if applicable) | 1–3% of sale price | $10,000–$30,000 | $15,000–$45,000 |
| Total Seller Costs (no flip tax) | ~7–8% | ~$71,000–$81,000 | ~$106,000–$121,000 |
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NYC Paycheck CalculatorFrequently Asked Questions
How much are closing costs for buyers in NYC?
NYC buyer closing costs typically range from 2–6% of the purchase price for condos and houses. Co-ops are cheaper to close (1–3%) because they're exempt from the mortgage recording tax. On a $1M condo purchase, expect $35,000–$45,000 in total closing costs beyond your down payment.
Who pays the mansion tax in NYC?
The buyer pays the NYC mansion tax. It starts at 1% on purchases of exactly $1,000,000 and escalates through 8 tiers to 3.9% on purchases of $25M+. There are no exemptions — primary residences, first-time buyers, and seniors all pay the same rate.
What are seller closing costs in NYC?
NYC sellers typically pay 7–9% of the sale price: broker commission (5–6%), NYC/NYS transfer taxes (~1.825% combined on sales over $500K), attorney fees ($2,000–$4,000), and co-op flip taxes if applicable. On a $1M sale, sellers net roughly $920,000–$930,000 after costs.
Do co-op buyers pay mortgage recording tax?
No. Co-op purchases are exempt from the NYC mortgage recording tax because buyers are purchasing shares in a corporation, not real property. This saves 1.8–1.925% of the loan amount — on a $700,000 loan, that's $13,475 in savings compared to buying a condo of equivalent value.