Estimate your total closing costs as a buyer in New York City — including mansion tax, mortgage recording tax, title insurance, and attorney fees.
Enter your purchase details below
Estimates for general guidance only. Actual costs vary. Contact Agarunov Law for a personalized estimate.
Common questions about NYC buyer closing costs
NYC buyer closing costs typically range from 2% to 6% of the purchase price. Major costs include mansion tax (on purchases $1M+), mortgage recording tax (1.8%-1.925%), title insurance, attorney fees, and lender fees. Co-op buyers have lower costs as they avoid mortgage recording tax and title insurance.
New York City and State combined impose a mortgage recording tax of 1.8% on loans under $500,000 and 1.925% on loans $500,000+. A 0.25% credit reduces the effective rate slightly. This tax only applies to condos, houses, and co-ops with underlying mortgages — not individual co-op unit loans.
Yes. The mansion tax applies to all NYC residential purchases over $1 million, including co-ops. However, co-op buyers do not pay mortgage recording tax or title insurance, which significantly reduces their overall closing costs compared to condo buyers at the same price point.
While not legally required, having an attorney is standard practice in NYC real estate. An attorney reviews the contract of sale, negotiates terms, coordinates with the managing agent for co-op transactions, and represents you at closing. Attorney fees typically range from $2,500 to $5,000+.