Mortgage Recording Tax Calculator
NYC Mortgage Recording Tax Rate Table
| Loan Amount | Combined MRT Rate | NYC Portion | NYS Portion | Tax on $X Loan |
|---|---|---|---|---|
| Under $500,000 | 1.800% | 1.425% | 0.375% | $400K = $7,200 |
| $500,000 or more | 1.925% | 1.550% | 0.375% | $700K = $13,475 |
| $500,000 or more | 1.925% | 1.550% | 0.375% | $1,000K = $19,250 |
| Co-op (any amount) | 0.000% | Exempt | Exempt | $0 |
MRT at Common NYC Loan Amounts
| Loan Amount | Rate | MRT Cost | Co-op Savings |
|---|---|---|---|
| $300,000 | 1.800% | $5,400 | $5,400 |
| $400,000 | 1.800% | $7,200 | $7,200 |
| $499,999 | 1.800% | $9,000 | $9,000 |
| $500,000 | 1.925% | $9,625 | $9,625 |
| $600,000 | 1.925% | $11,550 | $11,550 |
| $700,000 | 1.925% | $13,475 | $13,475 |
| $800,000 | 1.925% | $15,400 | $15,400 |
| $960,000 | 1.925% | $18,480 | $18,480 |
| $1,200,000 | 1.925% | $23,100 | $23,100 |
| $1,600,000 | 1.925% | $30,800 | $30,800 |
Co-op advantage: Co-op buyers save the entire mortgage recording tax — one of the most meaningful financial advantages of buying a co-op over a condo. On an $800,000 loan, that's $15,400 in savings at closing. This partially explains why comparable co-ops sell for less than condos.
How the NYC Mortgage Recording Tax Works
The mortgage recording tax (MRT) is levied when a mortgage is recorded in New York City. It is separate from property transfer taxes and is based on the loan amount, not the purchase price.
The combined rate includes both New York City and New York State components. The NYC portion goes to city coffers; the state portion to Albany. Both are paid at closing as a single payment.
Who Pays the MRT?
The borrower (buyer) pays the MRT. However, lenders are technically required to contribute 0.25% of the tax for loans on 1–2 family homes under $10M — so in practice the net buyer cost for residential properties is slightly less. For most condo and co-op transactions, the full rate applies to the buyer.
When Does MRT Apply?
- Purchase mortgages: Yes — paid at closing when you buy
- Refinances: Yes — paid again when you refinance (a major refinance cost consideration in NYC)
- Home equity loans / HELOCs: Yes — applies to the loan amount
- Co-op purchases: No — fully exempt
- Cash purchases: No — no mortgage means no MRT
The $499,999 Threshold Trap
Note the rate jump at $500,000: a $499,999 loan pays 1.8% = $9,000. A $500,000 loan pays 1.925% = $9,625. Some buyers with loans close to $500,000 negotiate their loan amount to stay just below the threshold — saving $625. For loans well above $500,000, this isn't relevant.
Refinancing in NYC: The mortgage recording tax applies every time you refinance. If you refinanced a $700,000 condo mortgage, you'd owe $13,475 in MRT. This is one reason the break-even period for refinancing in NYC is often 3–4 years rather than the 2 years it might be in other states.
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