NYC Closing Costs Calculator for Buyers
Home Price
Down Payment
Housing Type
New Development
Estimated NYC Closing Costs
| Attorney Fees | $4,000 |
| NYC Mansion Tax | $10,000 |
| Title Insurance | $0 |
| Bank Attorney | $1,500 |
| Mortgage Recording Tax | $0 |
| Other Closing Costs | $4,000 |
| NY State Transfer Tax | $0 |
| NYC Transfer Tax | $0 |
| Seller's Attorney Fee | $0 |
| Total | $0 |
Disclaimer: Estimated closing costs NYC buyers will potentially pay are for indicative purposes only. Actual closing costs may vary for each transaction.
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Save Up To $15,000What are Buyer Closing Costs in New York City
Buyer closing costs are real estate transaction fees that are paid in addition to your down payment and mortgage amount - including taxes, title insurance, attorney fees, etc. Use Prevu's closing costs calculator for buyers to quickly estimate your potential closing costs.
To learn more about these fees and how they are calculated, visit ourNYC Closing Costs Guide for Buyersor see the Glossary below.
Closing Costs Calculator Glossary
The closing costs a buyer may have to pay in NYC are outlined below.
Attorney Fees
The amount a buyer pays a real estate attorney for preparation of documents and advice during a property purchase.
Read more in the blog.NYC Mansion Tax
An additional real estate transfer tax imposed on property purchases equal to or greater than $1,000,000. The amount of the tax is 1% of the purchase price if applicable.
Read more in the blog.Title Insurance
An insurance policy that covers the loss of ownership interest in a property due to legal defects and is typically required if the property is under mortgage. In general, title insurance is not applicable when purchasing a co-op, as co-ops are a different form of ownership than a condo or home.
Read more in the blog.Bank Attorney
When purchasing an apartment or home in NYC with mortgage financing, it is customary for the buyer to pay the fees of the bank's attorney.
Mortgage Recording Tax
The mortgage recording tax requires purchasers in NYC to pay 1.8% on mortgage amounts under $500,000 and 1.925% on mortgage amounts above $500,000. This tax is based on the mortgage amount, not the purchase price, and applies to mortgages related to real property such as condos or homes. It does not apply to co-ops as they are a different form of ownership.
Read more in the blog.NYC Transfer Tax
The New York City Real Property Transfer Tax is 1% of the price if the value is $500,000 or less, or 1.425% if the price is more. This tax applies to buyers of new developments only.
NY State Transfer Tax
New York State imposes a real estate transfer tax on conveyances of real property or interests therein when the consideration exceeds $500. This tax applies to buyers of new developments only.
Seller's Attorney Fee
When buying in a new development in NYC, it is customary for the buyer to pay the fees of the seller's attorney.
Buyer Closing Costs in NYC
For a $1,750,000 co-op in New York City, the typical buyer closing costs would be $27,000.
Attorney Fees: $4,000
NYC Mansion Tax: $17,500
Title Insurance: $0
Bank Attorney: $1,500
Mortgage Recording Tax: $0
Other Closing Costs: $4,000
NY State Transfer Tax: $0
NYC Transfer Tax: $0
Seller's Attorney Fee: $0
