New York Buyer Closing Costs Calculator
Closing cost projections for buyers below are only estimates. Please confirm your closing costs with your attorney and mortgage representative. NY State Law requires a written engagement letter if the legal fee exceeds $3,000. Seller’s Calculator
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Closing Costs Explained
The final bill is based on several factors such as property type (co-op or condo), level of financing, purchase price, and whether or not the property is new construction. Buyers’ closing costs are typically 2-6% of the purchase price. If you are purchasing a condo, the closing costs will be higher; you’ll need to cover title insurance for a start. Set by New York State and comes with several administrative charges, which all together come to about $3,000 to $4,000. Then there are the extra costs if you’ll need a mortgage. Bank fees run from $2,000 to $3,000, while bank attorney fees and the appraisal go from $500 upwards. If the loan is over $500,000, you’ll need to cover a mortgage tax of 1.925% for loans under $500,000. It’s 1.8%, something which only applies to condos.
Whether you’re buying a co-op or condo, you’ll need to pay your attorney’s fees, which can range from $2,000 to $3,000. The deal can be more complicated than usual if you set up an LLC to purchase a condo as an international buyer. Then the attorney costs will increase and require additional work in filing the LLC.